More than half of compliance professionals say digital transformation of the customer due diligence process will have the biggest impact on their risk organisation over the next 12 months, according to new research.
A poll from digital compliance specialist NorthRow found that 63 per cent of compliance leaders don’t measure or analyse their “ambers” – clients that generate an ambiguous risk result during onboarding that requires investigation.
The study also revealed that 40 per cent of respondents view amber management as a compliance issue and not a wider business issue.
In fact, only 27 per cent see it as a first line of defence issue, with 33 percent seeing it as a problem for their clients.
But according to NorthRow, 90 per cent of compliance costs sit in 10 per cent of amber cases.
“Managing your ambers is key to moving beyond simply knowing your customers towards truly understanding your customers,” said Adam Holden, NorthRow, chief executive.
Latest News
-
Goldman Sachs genAI assistant to mimic traits of ‘seasoned employee’
-
JetBlue launches Venmo payment option
-
SEC launches new crypto task force to develop clearer regulations
-
RBC launches end-to-end genAI tool for financial services
-
Trump names Travis Hill as acting chair of US banking watchdog amid deregulation push
-
Nationwide to expand use of genAI from Microsoft
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories