Not all high-risk customers are created equal
Managing risk is often a one-size-fits-all approach. A typical risk system uses generic models that incorporate numerous risk factors, resulting in large volumes of high-risk customers. But all high-risk customers are not created equal. A local charity, for example, likely does not present the same level of risk to your institution as an international Non-Governmental Organization (NGO).
Verafin’s high-risk management approach allows you to define what risk means to you, and stratifies risk within high-risk categories, such as Money Services Businesses (MSBs), Private ATM Owners, and Marijuana-Related Businesses (MRBs). This ensures you are reviewing the right customers at the right time and provides greater visibility to the examiner of your institution’s risk profile.