Napier’s Risk-based Scorecard helps financial institutions to accurately risk assess the customers they interact with, which can help streamline their risk assessment processes.
This tool was developed to address the burden put on financial institutions to conform with regulatory requirements and to assist in aligning their risk assessment processes with their enterprise risk appetite.
Napier’s Risk-based Scorecard is unique and totally configurable to your organisation, its risk appetite customers, products, and geographies served. The system allows analysts to capture more information from multiple sources, then calculates and records a customer’s risk level as part of the continuous review cycle.
The Risk-based Scorecard is also compatible with any existing onboarding or AML system, making it easy to incorporate and improve compliance with regulatory requirements.
Napier’s Risk-based Scorecard provides organisations with a dynamic understanding of the risk posed by each customer. This is done in the form of a risk score which is determined according to the policy and company-defined customer risk level.
Regular and on-demand reviews of the customer will produce subsequent risk scorecards to determine if the customer’s risk score is still in line with expectations. Any increase in risk should warrant further investigation.
Dynamic risk understanding is based on a customer’s actual behaviour and allows for more effective screening and transaction monitoring with efforts focused on high-risk customers.
Risk-based Scorecards can also help build a case for a suspicious activity report.
Scorecard risk levels are created to be specific to an organisation’s risk appetite, customers, products, and geographies served.
Napier’s Risk-based Scorecard is flexible to allow for those variations in the most effective way, and can be sensitive to any data known about the customer as well as tailored to the type of entity being scored, for example, a financial institution, corporate entity, government entity or individual, etc.
For new customers, the onboarding process can be tailored to capture the information required by the scorecard and risk model. For existing customers, the solution ingests existing KYC/CRM data and historical transactional behaviours, and will also highlight where data is missing to conduct a thorough risk assessment.
The system will then automatically use data collected from screening, transaction monitoring, and other data sources to assess the risk presented by both customer types going forward.
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