While compliance checks are mandatory and follow the standards defined by regulatory authorities, the onus of identifying fraud and risk is on the organization.
Each one of the organizations specially in the banking, financial services and Insurance industry has its own framework to manage the governance and risk controls. Customer profiling during onboarding and periodically during the entire customer lifecycle becomes crucial to identify risks and deal with it effectively.
Customer profiling includes screening of the customer against suspicious lists, fraud lists, negative lists. It also extends beyond the individual profiling to identifying and profiling the related entities of the customer like the linked family members, employer, associates etc to create a risk profile of the customer.
Prime Network solution from Posidex will enable the organization to give a complete 360 degree view of the customer and the connected entities across all the connected sources. It should be part of any early warning systems which financial organizations wishes to put in place.