The first critical step in establishing processes and procedures for executing the Customer Due Diligence to demonstrate that you do, indeed, “Know Your Clients”, is to define your risk appetite.
On the scale of “doing the minimum possible” to “setting the highest industry standards” the senior management have to decide how to approach the fulfilment of your established policies.
i-KYC specialists will work with you to understand the factors involved in making these decisions, including:
- Options for meeting your established policy requirements
- Business impact
- Business benefits
In this process we will of course ensure understanding and buy in with all critical stakeholders.
Lastly, we bring to the table a comparison of the current industry practices to support you in making the best decision unique for you and your businesses – whether locally or globally.