Risk assessment is an integral part of the banking and insurance world, but 2020 set about a new transition in the way we look at risk management.
It's imperative we step up to the challenges presented and discover new, insightful ways to keep our businesses protected from the ever-changing business landscape.
The new risk and resilience
Risk management evolves every day, and the current crisis is forcing our hand.
Acting now will allow your company to adapt to the future and create risk teams ready to respond to any challenge.
Reviewing and prioritising action plans are critical, as is teaching your teams to execute these strategies.
The speed in which you identify risks and take action is becoming increasingly urgent. Resilience is only strengthened by rapid response to the crisis in front of you.
Communicating risks, trends and metrics is key to progressing your daily operations. Processes need to be aligned between departments. Technology should focus on bridging process gaps and bringing the company together, so personnel can focus on hot spots and make decisions.
Your company's capacity to respond with agility is tied to your action plans, and your leaders must know how to swiftly implement when the need arises.
The ability to put out the fire is a critical component of the stop-gap process. The technology you deploy to handle certain situations will have a direct impact on how well your team performs when put into crisis mode.
Avoid manual processes
Companies have several points of failure where risk management is concerned, and onboarding is one of the biggest.
According to Thomson Reuters, banks spend about $40M to onboard new clients, and Oliver Wyman has shown that it can take up to 120 days to finish the onboarding process. This creates a terrible experience for a new client.
Lack of communication, labour-intensive manual processes and silos created within banks and insurance companies are making it difficult to expedite the onboarding process.
Departments within a company often don't share complete information with the other departments involved in the process, slowing down transactions and frustrating customers.
Critical pieces of information are left missing or unknown during interdepartmental communications. This causes the need for repetition and the creation of unneeded manual processes, some of which may not follow KYC guidelines.
With many businesses having specific crisis processes in place now, and fewer employees, companies are turning to technology to fill in the gaps.
Platforms that can be used to organise and manage onboarding programs are an important factor in keeping the banking and insurance industries up to date and compliant with KYC/KYB guidelines.
Subject matter experts need support to recover from COVID-19
While we are fighting off and recovering from the pandemic we are currently facing, many teams are overworked and trying to make the best of the situation.
Technology is one solution that can help these employees recover from the crisis. Platforms that can enhance KYC processes, while still following guidelines, can improve the situation your employees must work through each day.
DueDil can help your organisation manage your risk assessment program. By creating a seamless and rapid onboarding software solution for your customers, DueDil can improve onboarding time and customer satisfaction.
DueDil provides you with the critical insights and information you need to assess risk and ensure compliance. DueDil's software integrates into your existing workflows to deliver value to both you and your customers right away.
To learn more about DueDil's KYB for Life solutions, contact us now.