Due Diligence & Communication
Secure communication to customers can be surprisingly hard to find. By including direct messaging and document collection with embedded virus scanning within the RiskScout platform, our clients are able to automate due diligence, dormant account confirmation, closing document delivery, and hundreds of other communication and collection needs. Why use email and phone calls when you can get an 80% response rate with convenient, digital communication?
Automated Due Diligence
Set up workflows that require questions, attestations, and documents on a customizable interval and assign them to specific business or consumer types. Forget putting reminders on your own calendar - simply program your desired frequency to ensure everything is automated.
Secure Collection
All files sent through RiskScout are virus scanned, securely encrypted, and transmitted to our cloud servers so your data stays safe and accessible. Your relevant staff can review this data, add internal notes, and send follow-up tasks for additional requirements as needed.
Ongoing Monitoring
Set up monitoring for the business and person to watch for OFAC, sanctions, business formation, negative news and licensing to ensure nothing changes after your initial review. If something is flagged, handle the result in a comprehensive case, a quick task to clarify, or prep for a SAR filing all within the platform.
Use Cases
Our platform is like a Swiss Army knife - the value is broad and our customers are always finding new ways to use it. Below are just a few examples of solutions our users have created to reduce manual operations at their institution. What can you imagine?
Non-Resident Aliens
Challenge:
Annual W8s and Monitoring
Solution:
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Initial KYC/KYB and necessary documentation is collected
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Schedule up recurring annual collections to automate W8s
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Set up monitoring for OFAC, sanctions, PEPs
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Perform EDD reviews on information collected
Loan Compliance
Challenge:
Collection of financials, status of project, business details
Solution:
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Initial KYC/KYB and necessary documentation is collected
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Schedule specific date collections for updates on the project
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Collect additional business details to evaluate in review
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Perform quarterly or annual reviews based on type
Closing Agents
Challenge:
Initial review of agents and attorneys, ongoing review
Solution:
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Specific questions relevant to agents and attorneys
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Initial KYC/KYB and necessary documentation is collected
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Annual collections and reviews
Clarify Client Event
Challenge:
Difficult to get answers or evidence when a transaction or entity event occurs
Solution:
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Ongoing monitoring that alerts the FI to events
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Embedded case management to quickly act and start investigating
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Real-time mobile accessible tasks sent out to the business or person
Request Free Advisory Session or Demo
We love to talk new markets and compliance. Contact us for a free advisory session or demo.