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Client Risk Rating

Client Risk Rating

Fenergo Client Risk Rating enables banks to undertake comprehensive risk assessments to better understand the AML & KYC risk exposure of their entire client base, a segment of clients or an individual client.

Fenergo Regulatory Onboarding supports enterprise-wide AML risk profile analysis, measurement and risk assessment by providing powerful insights into client and counterparty data that effectively identifies, measures and mitigates money laundering risks.

The solution incorporates the formal completion of a calculated risk rating for the client in-line with standard FATF guidelines and configured in-line with the financial institution’s internal risk calculations and weightings.

1. Accurate Risk Measurement

Fenergo Risk Assessment fuses sophisticated workflow functionality with robust regulatory compliance capabilities to streamline initial and recurring risk assessment review processes. Risk is measured across a number of risk-rated categories such as jurisdiction/geographic risk, client risk, industry risk and product risk.

Fenergo Regulatory Onboarding captures the data and documentation pertaining to each category and assigns a risk rating to each. This data and documentation is derived from the institution’s Customer Identification Program (CIP) and Customer Due Diligence (CDD) / Know Your Customer (KYC) information, and can be re-used and reviewed to uncover varying levels of risk that may exist within each category.

The risk rating results are then presented for consideration to Anti-Money Laundering (AML) teams to support the determination of the level of AML compliance required (i.e. standard or enhanced level of due diligence).

2. Supporting Client Lifecycle Processes

The solution seamlessly integrates with Client Lifecycle Management processes which support both regular and ad-hoc KYC / AML Client Reviews based on event-triggered information, which may kick-start a fresh compliance review process, depending on the material significance of the data change. The solution also tracks and flags expiry documentation.

3. Regulator-Ready Reviews

Fenergo Regulatory Onboarding provides financial institutions with full auditability of the Risk Assessment and KYC / AML Client Review processes in a regulator-ready format, clearly illustrating the data that has changed over time. A secure, entitlements-driven, web-based solution, it is easily extendible across multiple business lines and jurisdictions, and only made available to employees with the right level of credentials.

Useful resources

KYC & AML Client Reviews

In this paper, Joe Dunphy, Fenergo’s VP Product Management, explores the role that KYC periodic reviews has to play in the levying of fines in this area and contends that the big problem with KYC is KYD (Know Your Data).

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Regulatory Onboarding - The Fenergo Way

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Optimizing KYC Client Reviews For Efficiency & Control

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