Wizard Risk Assessment

 

If the Risk assessment method ‘Wizard Risk Assessment Method’ has been selected under System-> Configuration, the wizard risk assessment will be available on the risk assessment card on entities (Persons and companies). Also see KYC Risk Assessment

 

Set up Risk Assessment Types

 

The Risk Assessment is configurable on system level, navigate to “System” -> “Risk Assessment Setup”. The Setup Risk Assessment screen lists the Risk Assessment types available for configuration, click into the Risk assessment type to edit or view its configuration:

 

  1. Politically Exposed Person Position
  2. Politically Exposed Person Relationship
  3. Risk Assessment Legal Entity Type
  4. Risk Assessment Legal Entity Status
  5. Risk Assessment Customer Relationship Type
  6. Risk Assessment Total Annual Earning
  7. Risk Assessment Country Connection Type
  8. Risk Assessment Employment Status Type
  9. Risk Assessment Anticipated Activity Level
  10. Risk Assessment Annual Turnover
  11. Risk Assessment Involvement Type
  12. Risk Assessment Occupation Type
  13. Risk Assessment Source of Funds\
  14. Industry Type
  15. Risk Score Duration Relationship
  16. Risk Score Client Top Up Frequency
  17. Risk Score Client Relationship
  18. Risk Score Client Payment Mode
  19. Risk Score Client Occupation Details
  20. Risk Score Bank Account For Withdrawal
  21. Risk score questions
  22. High risk category questions
  23. Low risk category questions
  24. Risk Rating Table
  25. Nationality Fields For High Risk Country

 

 

Complete the Risk Assessment on an Entity

 

After configuring what can be seen in the wizard in the steps above, navigate to the Risk Assessment Card on a person or company.

 

Validation A

If one or more of the questions are ticked as ‘YES’, the client is deemed as high risk and the validation does not proceed

Note:  The wizard risk calculation has been been set to default to “No” on question: SOE or Organ of State? If regulated financial institution, answer is always “No”. 

This question is applicable where a Company Type is set as a State Owned Enterprise or a Regulated Financial Institution see Company Types

If no questions are ticked as ‘YES’, the validation proceeds to Validation B

Validation B

If one or more of the questions are ticked as ‘YES’, the client is deemed as low risk and the validation does not proceed

If no questions are ticked as ‘YES’, the validation proceeds to Validation C

Validation C – Risk Score

Validation C provide drop-down choice lists on the grounds of which a risk score is generated and which determines the client’s risk score

(High risk client if >= 8, Low risk client if < 8)

See WizardRiskAssessment for implementation and scoring (scoring sheet)

NOTES ON CHANGE OVER TO WIZARD RISK ASSESSMENT

Current risk ratings on the default risk assessment method will be retained.

 

To change the risk rating on an entity from the Default risk assessment to the Wizard risk assessment, first clear/remove the risk rating on the entity before using the wizard to calculate the risk rating.

Last Updated on 1 month ago by Hayley Jerram