Forum Discussions - GlobalRisk community

KYC Remediation: Mistakes and Best Practices

2020-11-03T13:28:57.337Z

How accurate and complete are your customer files? As regulated institutions face increasing scrutiny on their existing customer data and risk assessment decisions, KYC remediation has become critical to avoiding penalties and lost revenue.

In our latest white paper, Fourthline CEO Krik Gunning outlines the best practices and most treacherous pitfalls institutions face when undertaking a KYC remediation project. Done right, it leads to better customer data and less fraud—but done wrong, it can be the ultimate money pit.

Learn how today’s technology can help you save over 90% of the potential costs associated with remediation.

Highlights and quick facts

Regulators across multiple jurisdictions have turned their attention to the Know Your Customer (KYC) and Customer Due Diligence (CDD) files of existing bank clients
Once in the crosshairs of a regulator, a bank needs to act quickly and decisively—often in the face of an imminent deadline
Common mistakes banks make when initiating a remediation project: putting the burden on clients, recruiting expensive, untrained staff, trying to build a file with patchwork data, and relying on manual processes
Best practices for a successful large-scale remediation process include rewarding clients, improving data quality, and prioritizing cost and time.

Download the PDF KYC Remediation: Mistakes and Best Practices

Prince 2 foundation and practitioner certification: Is it worth your time and effort?

2020-10-26T06:51:41.624Z

Nowadays, the necessity of project managers is increasing drastically across industries. This has also resulted in the growth of numerous project management frameworks. PRINCE2 certification is considered to be highly recognized all over the world. This certification is widely selected by a great number of individuals wanting to expand their careers in project management.

It is one of the best choices for anyone wanting to obtain the title of professional project management. Although it also provides many job opportunities. You can also get a higher salary. It helps you to get the skills required to excel in this field. It is known to be a highly beneficial certification for several industries since it can be applied in both small and medium scale industries.

PRINCE Information

It is one of the most widely used methodologies for project management available across the globe. It is a structured process that is useful for any business to achieve its objectives effectively. This is used commonly all over the world due to the vast number of benefits that it offers to any business. It is one of the best methods for any organization wishing to enhance the quality of their projects.

The organization can easily add any changes in the PRINCE2 methodology based on the requirements of the customers and the business. It is a flexible method. Also, it can be used by the majority of the industries and organizations despite its department, location, or size. It also ensures effective management of risk within an industry. It monitors all the early stages constantly to guarantee the elimination of the occurrence of possible risks in the future.

In addition, this helps the project managers to lead and guide the teams to achieve the objective or goal of a project effectively. It also helps them to predict the benefits and risks involved in a certain project. The elimination of wastage or useless steps presents within a process takes place frequently. Thus, it reduces the waste of expenses.

Therefore, it is the best method for any industry wanting to enhance their project efficiency can take up.

PRINCE2 Certifications

You can take up any PRINCE2 training courses to enhance your skills and knowledge associated with the PRINCE2 concepts and principles. Although to take up this certification exam, you must have past experiences in working in project management teams. Also, if you are successful at clearing the certification exam, it will verify your skills and expertise in PRINCE2 related concepts and the implementation of best practices within an industry. The two types of certificates present are as follows:

Foundation level certification: It will help you to get all the knowledge regarding the basic concepts, fundamentals, and the necessary skills related to PRINCE2. In addition, you will get a clearer idea of the theories and concepts that you might require to advance further in your career.
PRINCE2 Practitioner certification: it is an advanced level certification for any individual at a higher level or position. It showcases your reliability to the employers. It also helps you to know and learn the processes needed to implement the PRINCE2 methodology successfully across an industry.

Advantages of PRINCE2 certification

Here is the list of some of the advantages that you can achieve from the PRINCE2 certification.

Acquire Project management skills

The increase in the demand for project management skills are very high across industries present all over the world. These certifications will enable you to acquire the necessary and important skills of a project manager. It will help you to lead and manage projects in a better manner. You will also get the skills needed for managing the risks occurring in a system efficiently.

Globally-Acknowledged

This a globally acknowledged certification. So, you can easily get the chance to work in a foreign country if you are interested in. Since this certification verifies the recruiters that you possess the skills that can add value and bring benefits for their organization.

Higher Salary

It is well-known that the individuals with a certificate receive a higher salary than of the uncertified candidates. It will help you to achieve a stable job with a better salary. In addition, you can select from any careers present in the field easily with this certification.

Thus, PRINCE2 certifications are considered worthy since they offer countless benefits. Both the organization and the candidates. It will help you to lead a brighter and better career path.

How can i learn Fuse ESB?

2020-10-22T10:32:25.752Z

I wanted to learn fuse ESB can anyone suggest me the resources

Organization need on ISO 14001 certification

2020-10-17T12:39:19.708Z

ISO 14001 is an internationally agreed standard that sets out the requirements for an environmental management system

In a survey of ISO 14001 certification at the end of 2017 the number of companies that have implemented an ISO 14001 environmental management system shows a stable trend worldwide. Below are the results over the previous 6-year period.

Taking care of our environment, and preventing our companies from causing negative impacts on the environment, are two of the most important challenges facing businesses today. One of the biggest benefits of implementing an EMS is the recognition that comes with being among those businesses that care enough to reduce their environmental footprint. This can bring better relationships with customers, the public, and the community at large for your company, but it also brings other benefits.

AML Risks in Digital Lending

2020-10-13T16:29:45.769Z

As banks and non-bank financial institutions explore new, innovative methods with which to deliver financial services, digital lending has emerged as an opportunity for those organizations to loan money faster and more efficiently. Digital lending is essentially the use of digital platforms to handle the loan process online, from application through to disbursement of money. Driven by advances in technology and government initiatives, the digital loan sector is growing: between 2019 and 2025, the market is expected to reach $11.6 billion, growing at a rate of 20.3% during that period.

However, the increased profile and sophistication of the digital lending market reflects an increased level of risk from criminals. The vulnerabilities of digital lending mean that firms must know how to detect and remediate criminal threats appropriately and ensure that they are not exploited as a way to launder money or finance terrorist activities.

Feel free to read more about the AML risks digital lending companies face here: https://complyadvantage.com/knowledgebase/aml-risks-digital-lenders/

How Salesforce Is Revolutionizing in Tech World?

2020-09-12T11:39:30.401Z

I am taking a salesforce training in Noida as suggested by one of my friend as I want to build my career in salesforce. I was reading some facts about salesfroce i.e the Salesforce Connector application enables automatic two-way seamless data integration between the event solution database and Salesforce CRM. The connector allows organizers to conveniently invite contacts and leads from their Salesforce CRM. Simultaneously, it automatically populates and updates Salesforce records with registration data for easy tracking and reporting by the event organizers from within the Salesforce platform.

Most of the online event management solution providers offer an AppExchange-certified Salesforce connector to allow automatic bi-directional synchronization of information. Now what is this AppExchange-certified connector?

AppExchange is the world's first marketplace for Cloud computing applications and services. When a connector gets approved by this marketplace, it becomes AppExchange certified. It means that the connector will now be displayed on AppExchange list and thousands of Intellipaat customers can immediately access it. Thus, the value of your software and solutions increases tremendously once they get listed on the AppExchange.

So, kindly enlighten me more on this topic.

Politically Exposed Persons (PEPs) Screening Requirements

2020-06-11T13:21:30.710Z

I have just published a guide on PEPs screening requirements around the world and would like to know if anybody has any feedback on it? https://complyadvantage.com/blog/politically-exposed-persons-peps-screening-requirements-around-the-world/

Emerging risks/Environmental Scan

2020-05-20T13:23:14.898Z

How are you identifying potential emerging risks for your business?

We currently are doing a yearly environmental scan of all risk reports that we can find on the internet and via our risk connections and identify what are new things coming through. This is then reported to our risk management committee at least once a year. This is our formal process. We do also check reports on an informal basis and will highlight if new risks are emerging.

What else can we do to identify emerging risks?

Are we on the right track?

Management risk journals

2020-05-14T12:23:27.460Z

Good afternoon,

Share which RM magazines you are reading and if they are not on my list on this page Catalog of magazines on Risk management, Insurance I am happy to add.

[Free COVID-19 Framework] What's the path to recovery look like?

2020-04-09T15:32:23.777Z

We created a free presentation (attached), which discusses both global and organizational impacts of the COVID-19 pandemic, along with critical actions organizations should take immediately.

This presentation introduces a framework that helps regions and organizations navigate a path to recovery via 9 potential scenarios. These scenarios capture outcomes related to GDP impact, public health response, and economic policies. The presentation also breaks down 6 immediate and critical actions organizations should be taking.

We hope you can leverage these slides to help guide and manage your organization safely and successfully through this crisis.

#covid19 #coronavirus #flattenthecurve #crisis #crisismanagement #resilience #businessresilience #continuity #businesscontinuity #strategy #consulting #management #recovery #scenarioplanning #scenarios #planning