Customer Risk Management

Reducing Customer-facing Risk

Financial institutions are continually being challenged to take a more structured and informed approach to customer risk management, and to prove that they have a clear understanding of who their customers are and the risk associated in dealing with them.

Singularity helps financial institutions by providing a single, consolidated view of all customer risk data and related documentation, not only through the initial risk assessment and on-boarding process, but through the entire customer lifecycle. A customer’s risk score can be accessed and analysed at any time, and automatically updated as risk assessment criteria change. Singularity’s Customer Risk Management solution helps financial institutions consistently assess the risk presented by their customers, and ensure that assessment is always up-to-date.

Highlights:

• Customer Risk Profiles - different types of customers (e.g. as described by the customer classifications defined within MiFID) have differing risk management requirements. Multiple risk profiles can be defined and an appropriate risk profile assigned to an individual customer based on their classification.
• Clear and Consistent Risk Assessment - all customers will have their risk score calculated according to the risk profile allocated to them during the initial on-boarding process. This enables the identification of high-risk customers who may then be subject to enhanced due diligence.
• Dynamic Risk Score Updates - all client risk scores are kept automatically up-to-date, by automatic recalculation of risk scores when any single piece of data relevant to a client risk profile changes.
• Automated Revalidation - all documentation and data is automatically revalidated and new documents and data are gathered if required when circumstances change, for example when risk scores pass a threshold, on expiry of a document’s validity period, on change of regulation or policy, or other event.
• Seamless Document Management - all incoming documents and correspondences are electronically tagged and stored, outgoing client correspondence is automatically generated, and all documents related to a particular client are available via a browser interface
• Built-in Adaptability - the process-based solution can adapt to your needs without software coding, allowing changes to processes and workflows, look-and-feel and definition of reports.