The static approach to customer risk management is no longer effective and KYC360 was built to show firms effective, ongoing compliance doesn’t need to be costly.
Managing customer risk continues to be a major problem many financial institutions face, despite their investment into new compliance workflows and tools. Tom Devlin, managing director at KYC360, believes that the most common challenge firms face in respect to customer risk management is fragmentation.
Customer data and documents are collected by isolated systems and compliance functions, forcing analysts to manually piece information together before they can conduct meaningful risk assessments. He said, “It is slow, error-prone and difficult to scale. And yet it remains the operational reality for many institutions.” Siloed data also creates a risk of duplicated efforts. Customer data and documents become repeatedly requested, validated, and rekeyed across varying stages, wasting time and resources.
While fragmentation is a major issue, it is not the sole cause of struggles. Another major gap, according to Devlin, is the reliance on calendar-driven review cycles. “Risk does not move on a fixed schedule. Sanctions change. Beneficial ownership structures shift. Adverse media emerges overnight. A customer who was low risk at their last annual review may represent a materially different exposure today.” Static processes cannot catch these changes quickly enough. As a result, firms could miss a change and be noncompliant for months, creating substantial risk for the firm. As the industry shifts towards ongoing monitoring, scheduled review systems will be obsolete.
On a similar thread, regulators are also demanding greater auditability. Rather than being told a review happened, they want to know the why, when, what and how. “Many organisations struggle to evidence this clearly, which can create significant regulatory exposure,” Devlin explained.
One final problem persistent across customer risk management is a lack of priority. Most institutions operate through fixed queues and timelines, Devlin noted, with limited flexibility to expedite reviews when a customer’s risk profile changes. “Resource follows the calendar rather than the risk, which is both operationally inefficient and can lead to delays in red flags being caught and actioned.”
KYC360: solving compliance cost efficiently
KYC360 is a RegTech company that aims to solve these challenges and empower firms with effective and efficient customer risk management. It was founded by seasoned industry experts that identified most compliance failures were not due to bad intentions, but from inadequate tools, fragmented data and processes that lacked scalability. “Good people were being set up to fail by the systems around them.”
KYC360 was created as a solution to a problem, rather than trying a use case trying to find a problem. “And the problem is that organisations face an essentially infinite compliance challenge with finite resources. Technology must be the multiplier.” However, the mission is not simply about improving regulatory compliance but improving the way firms comply. “When done well, with the right technology and the right approach, compliance becomes a genuine source of competitive advantage. It accelerates onboarding, builds client trust, reduces operational drag, and creates a clearer, more defensible risk picture. That is what KYC360 is built to deliver.”
Enter the KYC360 CLM solution
The jewel of KYC360’s offering is its CLM solution, which provides a complete, always-current view of customer risk across the full lifecycle, from onboarding to offboarding. The unified system collates all customer data, documents and risk decisions, replacing the disconnected tools and periodic manual reviews. “Everything a reviewer needs is immediately accessible in one place.”
When new information arrives, whether through integrated screening, document expiry alerts, ownership changes or live data feeds, customer risk profiles update instantly, allowing real-time risk recalculation. Rather than analysts needing to spend time collecting or rekeying data, it is already there, meaning they can just focus on what changed and why. As regulators ask for greater auditability, this capability can be a game changer. The CLM solution will even supply a complete, time-stamped audit trail with every risk signal, decision, action and outcome logged.
A defining characteristic of the CLM solution is its ability to turn customer risk management into an ‘event-driven review’ process. Unlike calendar-based traditional models, KYC360’s CLM system is always alert and as soon as a change triggers, it flags the event, initiates the appropriate workflow and routes it to the correct reviewer.
“In practice, this means compliance teams are no longer working from a static snapshot of customer risk taken at a fixed point in time. They are working from a live, continuously updated picture. Reviews happen because something has happened, not because the calendar says it is time.”
This is vital for compliance with AML, which requires a continuous monitoring process and CLM is the mechanism that makes that manageable, Devlin said. When a customer onboards through KYC360, all their information is captured and put in a risk profile. It then evolves as changes occur and the CLM keeps pace in real-time to ensure a risk picture used for ongoing decisions is using the up-to-date risk profile.
He added, “The connection to AML enforcement is direct. The most significant enforcement actions in recent years have centred on failures in ongoing monitoring. Institutions that did not act on emerging risk signals quickly enough, that lacked clear audit trails for their review decisions, or that could not demonstrate how their review processes were structured and executed. CLM is designed to close precisely those gaps.” Ultimately, it creates a unified compliance picture.
The CLM solution also helps compliance teams prioritise their review workloads. Instead of teams having a fixed queue, the system identifies the relationships that require earlier or deeper attention based on live risk signals. “Resource follows actual risk, not the calendar.” It can also support risk decisions that require teams from multiple jurisdictions. Through advanced permissions and configurable risk models, users have granular control for sharing sensitive information between teams and geographies.
Not just another solution
In a crowded marketplace of compliance solutions, it is easy for tools to all look similar; however, KYC360 stands out from the crowd. Devlin noted that its solution was built by people with long careers in regulatory compliance and first-hand experience in where existing approaches fail. He said, “That shows in the architecture. Data flows continuously across the lifecycle without manual intervention or rekeying. The customer record established during onboarding stays live and connected through every subsequent review. There is no duplicate collection, and no reconciliation across disparate systems.”
But this is not the only major differentiator. KYC360 CLM supports multiple configurable risk models running simultaneously, including AML, anti-bribery and corruption, suitability, and operational risk. Firms with complex, multi-jurisdictional risk frameworks can tailor models for specific requirements, rather than making fixed structures work.
Finally, the KYC360 platform is no-code and fully configurable. Through this, compliance and operations teams can easily build and adjust workflows, set thresholds, and tailor review processes without writing code or leveraging IT resources. The platform can also integrate with existing infrastructure, including core banking systems, CRM tools and more, to ensure clients can easily leverage its capabilities.
What is next for KYC360?
To ensure KYC360 continues to support the evolving demands of the market, the team is always focusing on growth. As such, a major priority over the coming months will be the integration with Experian’s Ascend platform. Late last year, Experian acquired KYC360 with the goal of combining their strengths to expand capabilities and unlock new opportunities. The deal combined KYC360’s CLM solutions with Experian’s global data, analytics, identity and fraud prevention capabilities.
Devlin noted that the unified solution will empower its clients with a unified view of risk spanning financial crime, credit, identity, and fraud prevention from a single platform. “That is a meaningful step forward for institutions that currently rely on separate tools for each of these risk categories, with the manual reconciliation and blind spots that inevitably creates.”
As for its product, KYC360 plans to explore new capabilities, with AI and machine learning a core area. Its ambition is to create systems that are explainable and reinforced by human judgement to ensure they are fit for compliance. “A black-box model does not serve that purpose.”
Ultimately, KYC360 aims to continue its mission, transforming the perception of compliance as overhead. He concluded, “Compliance done right is not a constraint. It is an enabler of growth.”
KYC360 was recently named in this year’s FinCrimeTech50, which identifies the companies leading tech companies fighting money laundering, fraud and financial crime in financial services. The full FinCrimeTech50, including profiles on each company, can be found here.
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