Go!Risk is the Risk scoring platform (web based) allowing you to score each of your customer against the risk of AML/CTF and identify customers requiring Enhanced Due Diligence (EDD) due to their high risk of AML/CTF.
Go!Risk uses your own defined scoring algorithm (if it exists) to build the risk factors that are going to be used to score your customers. In case you do not have yet a scoring algorithm, Algoreg support team can help you build the risk factors based on relevant criteria in your business domain. The risk factors can be based on any customer information.
Go!Risk will score your customers on a defined schedule. Each customer will then be assigned:
a risk level (Low, Medium, High) based on the risk factors that you will have defined
a status indicating any action to be taken with regards to the customer
The current available risk levels are:
Description | Risk level |
|---|---|
The customer presents a Low risk of money laundering based on the risk factors defined in the system | Low |
The customer presents a Medium risk of money laundering based on the risk factors defined in the system | Medium |
The customer presents a High risk of money laundering based on the risk factors defined in the system | High |
The risk level could not be determined. This can be due to: - information missing in the customer record - wrongly formatted information in the customer record - risk factor used for scoring does not contain the value indicated in the customer record | Undefined |
The current available status are:
Description | Status |
|---|---|
No need for further verification. The business relationship can be pursued. Note: status is set to “Passed” automatically if the risk level is Low | Passed |
The review is in process. No decision yet | Pending |
The business relationship should not be pursued | Refused |
The customer needs to be reviewed | Action required |
The business relationship may be pursued. Nevertheless, the customer should be reviewed in 1 month to monitor the risk evolution. Note: the system will place the customer back in “Action required” automatically after 1 month | Passed 1 month |
The business relationship may be pursued. Nevertheless, the customer should be reviewed in 3 months to monitor the risk evolution. Note: the system will place the customer back in “Action required” automatically after 3 months | Passed 3 months |
The business relationship may be pursued. Nevertheless, the customer should be reviewed in 6 months to monitor the risk evolution. Note: the system will place the customer back in “Action required” automatically after 6 months | Passed 6 months |
The business relationship may be pursued. Nevertheless, the customer should be reviewed in 12 months to monitor the risk evolution. Note: the system will place the customer back in “Action required” automatically after 12 months | Passed 12 months |
The business relationship may be pursued. Nevertheless, the customer should be reviewed in 24 months to monitor the risk evolution. Note: the system will place the customer back in “Action required” automatically after 24 months | Passed 24 months |
The business relationship may be pursued. Nevertheless, the customer should be reviewed in 36 months to monitor the risk evolution. Note: the system will place the customer back in “Action required” automatically after 36 months | Passed 36 months |
The risk scoring could not be performed. This can be due to: - information missing in the customer record - wrongly formatted information in the customer record - risk matrix used for scoring does not contain the value indicated in the customer record | System Error |
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