Regardless of the size of your firm or company, it is imperative that you have a defined client selection strategy in place.
In so doing, you will understand which clients are appropriate to engage and retain based on a rigorous risk assessment procedure. Getting this strategy right is crucial to maintaining your reputation and profitability; getting it wrong can be devastating.
Compiling a strategy should take into consideration multiple factors, some more obvious than others. For example, you may wish to focus your clients to one or more sectors, geographical area, and company size, but you may also want to consider your potential client’s credit rating and any reputational risk factors which could ultimately pass on to you.
Read the full article here:
Editor's Note: This is the first of two articles. The second article will discuss how to exit existing relationships that do not conform to the client selection strategy. Whether your bank is large, small, regional or international, it is imperative to have a stated client selection strategy.
We know from our own experience how important it is to get the full picture on potential clients and partners. Identifying potential risks has never been so crucial, yet it has also become increasingly difficult with changing regulations and companies using increasingly complex and creative methods of obfuscation.
Using Encompass products, our clients have access to a growing list of data providers that give them the fullest possible picture, helping them understand the full picture of a potential client’s director history. With access to multiple sources of person and company information, covering everything from ownership through credit and persons of interest reports, Encompass can now form a crucial role in your due diligence process.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
want to turn regulatory compliance
in to a competitive advantage?
Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.