Institutions are under increased regulatory pressure surrounding Customer Due Diligence and Enhanced Due Diligence (CDD/EDD), particularly regarding the identification, risk scoring, and surveillance of FFIEC high-risk customer types. These challenges are exacerbated by conventional CDD/EDD approaches that result in process inefficiencies, wasted time and increased cost.

Verafin’s High-Risk Customer Management solution reduces the compliance burden and improves efficiency of ongoing due diligence by managing high-risk customers in a targeted way. Our intelligent risk categorization approach identifies, categorizes, stratifies and actively monitors ongoing high-risk customer activity.

Managing risk is often a one-size-fits-all approach, but not all high-risk customers are created equal. A local charity, for example, likely does not present the same level of risk to your institution as an international NGO.

Verafin provides configurable risk models that help you manage risk according to your institution’s risk appetite. Risk is stratified across your entire customer base, and further stratified within each high-risk category. This ensures you review the right customers at the right time and provides greater visibility of your institution’s risk profile to your examiner.

Inefficient EDD processes result from a one-size-fits-all approach to risk that creates too many high-risk customers.

Verafin increases efficiency in your end-to-end processes by automatically alerting you to high-risk accounts, and by grouping and stratifying those customers relative to the risk they pose to your institution. By continually monitoring activity and automating review cycles, Verafin reduces time spent on EDD reviews, allowing you to focus on the activity that poses the greatest risk to your institution.

Investigators with limited time, resources and information can find it challenging to accurately assess customer risk.

Verafin integrates a wide range of open-source and third-party data into the Verafin Cloud, employing big data intelligence and analysis for enhanced CDD/EDD, with analytics to identify unknown high-risk customers. These automated alerts reduce the time spent monitoring reports and spreadsheets, improving decision-making efforts and providing a better understanding of your customers and the risk they represent to your institution.

Inaccurate identification and assessment of customer risk can weaken your compliance program.

Gain a more accurate assessment and understanding of your customer risk profile with Verafin’s intelligent risk categorization, reducing the compliance burden by managing high-risk customers in a targeted way. Analytical models help you find previously unknown high-risk customers within your customer base, to properly assess, categorize, and manage them.