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.
Fenergo Know Your Customer offers a risk-based approach to KYC compliance that efficiently focuses resources on higher risk clients and ensures lifecycle compliance with global and local KYC regulations.
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The Path to Client Lifecycle Transformation is Paved with RegTech
While regulatory compliance will remain at the forefront of banking operations, RegTech has enabled financial institutions to manage this and lead the charge towards a better, more efficient and client-centric way of doing business.
We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.
Nicola Ray Smith
Managing Director, Global Capital Markets Scotiabank
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.”
Managing Director, Head of Capital Markets Operations SunTrust Robinson Humphrey
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Managing Director for Client Onboarding BMO Capital Markets
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego
Head of Customer Experience-Onboarding in CIB BBVA
We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.
Bank-wide responsibility for CDD, client master administration and regulations ABN AMRO