Risk screening profiles define the criteria used to assess the risk associated with individuals or entities. Admins create these profiles to tailor risk assessment processes according to the company’s specific needs and regulatory requirements including screening for politically exposed persons (PEPs), adverse media, and sanctions.
To add a new Risk Screening Profile to the platform follow these steps:
- Navigate to Administration, on the side panel, click Compliance Settings then click Risk Screening.
- Click Add Risk Screening Profile.
3. Complete Step 1 by filling in the Risk Screening Parameters.
Name your Profile.
Turn on Add Date of Birth / Incorporation or Add Country if they are required for your searches.
Set your Fuzziness Levels (we recommend 20-30%).
Select the Entity Types you require to screen.
Select the Sources that you require to screen for.
5. If you require to screen for specific Nationalities, Jurisdictions, Risk Levels, or KYC Statuses, turn on the toggles to configure the search criteria. If these toggles are left off, the risk screening profile will screen for all Nationalities, Jurisdictions, Risk Levels, and KYC Statuses.
6. Next, turn on Ongoing Monitoring - this will enable daily ongoing monitoring. Entities that are screened with this profile will be reviewed for new potential risks daily for one year.
8. Select who you want the cases Assigned to.
9. Turn on the first Automations toggle - If no matches are found, set Case Status to Closed.
10. Turn on No Potential Risk Updates the KYC Status.
11. Turn on Make This the Default Screening Profile and then click Submit to finish setting up the risk screening profile.
Once your risk screening profile is set, add it to the portal management section to screen for all incoming portal entries!