Continual compliance with Continuous KYC

By use case: Continuous KYC

Continual compliance with Continuous KYC

Regulation and operational efficiency requirements are forcing a move away from traditional Periodic KYC checks towards real-time, event-based, and ongoing customer due diligence - also known as Continuous KYC.

One big challenge with KYC is the cost and complexity of ongoing maintenance and refresh of customer data, with updates often managed through periodic checks.

This inefficient periodic check process introduces several challenges along with enormous case review volumes.

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The challenges
of traditional periodic KYC checks

Teams do unnecessary checks

Customer changes are real-time, but teams spend too much time on false positives or customers who have not changed in their risk profile. It’s just based on arbitrary dates.

Internal guidelines are hard to maintain

The regulatory requirements are changing, and the work of setting up rules to adhere to these changes is incredibly complicated and time-consuming.

The guidelines becomes a operational task

With ever-changing requirements and a substantial operational workload, remaining compliant becomes harder and harder.

The benefits
of Continuous KYC by Strise

Teams only check what is necessary,
when it's necessary

Changes in customers' risk status are automatically flagged in real-time. As a result, your team can focus on the right customer with the accurate context at the exact time they need to.

Internal guidelines are fast to
implement and amend

The no-code setup of rules and events means that updates in the process only require a small amendment in your Strise setup, making it easy to implement and reducing the time to act.

Strise prioritizes the customer that
needs your attention

Automatic events in real-time mean your teams only spend time on the customers they need to. Everything else is being monitored for the next case that needs your attention. Actioning a true risk-based approach.

Ida Marie Christensen

Head of Growth and Impact

Danske Bank

With Strise we get a single source of truth and better infromation about our customers, which makes us a better bank

Ida Marie Christensen

Head of Growth and Impact

Danske Bank

Continuous monitoring of fresh data

More than 250.000 external data points are being monitored by Strise for changes to customer data attributes and changing information on your customers.

This involves company registries, UBOs, bankruptcies, financials, PEPs, sanctions, watchlists, credit, adverse media, historical roles on owners, registers, and so on.

Easily set your policies and rules

Through a no-code configuration setup, you can define policies that articulate which data changes or threshold levels constitute a material change, triggering cross-checks, manual touch, and potentially full customer check.

Observe and react to reality

The true power of Strise becomes evident when you can observe how your customer behaves in reality and when you have the intelligence to determine when a customer is operating outside your organization's expected parameters.

Unexpected behavior certainly implies that there is a reason to review the customer, either to determine if the triggered event presents a potential risk scoring change, a need for some form of intervention, or, more positively, indicate a need for additional support and services, representing a growth opportunity.

John Retzius

Bank Manager

Sparebank1 Østlandet

We save a lot of time per customer onboarding and have increased the quality significantly with Strise

John Retzius

Bank Manager

Sparebank1 Østlandet

Embrace the future of KYC today

Corporate AML and KYC teams are currently operating in a very cost-conscious environment, and Strise represents a considerable opportunity to reduce cost and increase efficiency.

With Strise, your organization can achieve Continuous KYC overnight and start the journey to a lower cost, more compliant, and a proactive future that will pay dividends in the short and long-term.

Strise gives your team the ability to monitor data change, enabling your organization to build the foundation for success.

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