Understanding your risk exposure
Understanding your risk exposure is vital when it comes to remediation. You need to be aware of the impact of constant regulation changes and how to avoid penalties.
Inaccurate or out-of-date personal information is an offence under GDPR and poses regulatory risks of fines. This isn’t always easy to manage with legacy or manual systems and a lack of direction from regulators. A risk-based approach will, however, demonstrate an understanding of risk exposure and ensure your business can adopt a ‘Business As Usual’ approach. Deploying an effective remediation solution from NorthRow will reduce risk, manage costs and ensure regulatory compliance, through configurable automation.
The challenge of remediation
Over time your volume of client data grows and it is important to understand that your business needs to remediate the risk of out-of-date or inaccurate data.
It’s important to go beyond Knowing Your Customer – you also need to have organised and straightforward information and risk assessments about them. This is pivotal in protecting your business against AML, corruption or terrorist financing. The sheer volume and complexity of client data that needs to be updated, means remediation projects are often resource-intensive, manual and costly. NorthRow recognises these challenges and have developed an automated solution that can be designed to meet the specific requirements of delivering a risk-based solution for your business.
Clients we have worked with
We work with our clients to digitally transform their onboarding, monitoring and compliance processes.