Your client’s risk profile and self-assessment
A thorough review of the client’s risk profile and self-assessment, and how these elements play an important role in the KYC process.
Overview of client management and risk assessment
This article covers the process of creating and managing a client’s risk assessment. Once a client has completed a questionnaire and validated their ownership, the case status changes to “awaiting final assessment.” This means it is waiting for the client manager to perform a risk assessment. While it is possible to go directly to the risk assessment, we recommend reviewing several factors such as the risk profile, questionnaire responses, and specific details like PEP (politically exposed person) status and sanctions checks.
Checking sanctions information and risk profile
In the risk profile, you can see if any individuals have been identified in the case and whether the client has declared themselves politically exposed. You can also see when the last monitoring was performed. If any issues require attention, you can click on the relevant parameters to get detailed information about the findings. Any changes in sanctions status will be displayed along with a description of what was found.
Editing and updating information
All client data is available in the system, and it is possible to edit certain details such as company description and tags. You can also update the client manager information or add a secretary to the case. However, the client type cannot be changed after creation, as it determines which questionnaire was sent to the client. It is also possible to adjust the start date of the client relationship.
Collecting and evaluating risk information
Before making your self-assessment, it is recommended to review the risk file. Here you will find a preliminary risk analysis to help provide an overview of the client’s situation. If anything stands out in the client profile, you should investigate further. For example, answers like “yes” to receiving large amounts of cash may indicate a higher risk.
Assessing the risk level
After reviewing all relevant information, you can assign the client a risk level: low, normal, or high. It is important to document your assessment with a detailed comment that can be useful for future inspections. This comment should explain the factors that led to the assigned risk level. Once the assessment is complete, it can be finalized and saved.
Follow-up and reporting
After the assessment, the case will be marked as complete, and an evaluation interval will be set, indicating when the next assessment should take place. This interval can be adjusted if needed. A full report can be downloaded, compiling all data and analyses performed on the case. Each assessment can also be exported as a local report, allowing you to review all previous assessments of the client over time.
Conclusion
When all assessments and necessary updates are finished, the process can be closed. It is possible to add notes that can be private or visible to all involved parties. When everything is completed, the final assessment will be saved, and the case will be ready to be closed until the next assessment is due.