Risk assessment has always been 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 that we step up to the challenges that have been presented and discover new, insightful ways to do risk to keep our businesses protected from the ever-changing business landscapes.
The new risk and resilience
Risk management is evolving every day, and the crisis we are currently in is forcing our hand. Acting now will allow your company to be able to adapt to the future and create risk teams that are ready to respond to any challenge. Reviewing and prioritising action plans are critical, as is teaching your teams to execute these plans.
The speed of identifying risks and putting action in place is becoming more urgent. Resilience is only strengthened by rapid responses to the crisis in front of you. Communicating risks, trends and metrics are 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 ability to be agile and adaptable are tied to your action plans, and your leaders must know how to swiftly implement these plans when the need arises. The ability to put out the fire is a critical component of the stop-gap process. Technologies you have in place to handle 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 the transactions and frustrating the 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 on staff, companies are turning to technology to help 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 staff 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 enabling a seamless and rapid onboarding software solution to your customers, we can improve onboarding time and customer satisfaction. We provide you with the critical insights and information you need to assess risk and ensure compliance. Our software can integrate 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.