Understanding all risk factors posed to an institution is often a misconception in banks; they consult with market guidance and attempt to follow best practices, actually a very sensible way to do things. However, if you are going to benchmark it is important to do so in line with companies with similar goals and business activities. Many institutions are guilty of following a template from another firm as it appears to make sense  – does it however make full operational sense? And, should the reviewer of guidance seek to interpret for the purpose of their own company?

Kaizen can help you to confidently understand your client population in terms of Financial Crime risks posed allowing you to plan better for your regulatory and compliance structure for the short and Hlong term strategy and vision.

What is it?

Risk is prevalent in everything we do, the human mind has an inbuilt radar to detect risk; an action which is often performed subconsciously, before entering into a situation. Before we cross a road or sign up for a new mobile phone, we are all risk analysers without being entirely aware.

Financial Crime prevention however is a much more tangible risk, to he trained eye. Breaking down risk variables in granular detail allows us to focus only on the risks presenting the most challenges to your business. Gone are the days with location (Country rating in line with basic Low, Medium and High status) being the only or primary driver of Financial Crime risk categorisation.

How would Kaizen do it?

Kaizen provides bespoke solutions to clients as no two risks are always the same from entity to entity. Even the same risk can be treated in a number of ways operationally, and may vary from one jurisdiction to the next.

First, we document all risks associated to your business.

Second, we engage your stakeholders to offer solutions on perceived best route forward


Benefits of doing?

  • Avoid duplication of efforts – reducing costs and turnaround times by streamlining overlapping process
  • Customers will be treated with a consistent risk assessment ensuring simplified processes offer increased productivity. This results in a greater service being provided to the underlying customer
  • Know how to allocate your resources where the most risk is posed by having a clearly defined risk distribution for your client population
  • Simplified management of onboarding and ongoing review turnaround times for customer due diligence requests, be well suited for expansion
  • Easy maintenance and alterations following any legal or regulatory updates