Know Your Client (KYC)
Assess and continuously monitor exposure to client reputational, legal and financial risk
Know Your Client (KYC) is a process employed by financial institutions, law firms, non-profits and other types of businesses to verify the identities of their customers, assess their suitability, and understand the nature of their business relationship. The primary goal of KYC is to prevent financial institutions and other companies from being used by their clients or donors for illicit purposes, such as money laundering, terrorist financing, fraud, and other financial crimes.
The Prevalent Third-Party Risk Management Platform enables companies to leverage the same solution used to assess and monitor their vendors and suppliers to also assess and monitor institutional clients. Prevalent enables your KYC program with comprehensive assessments, consolidated monitoring from multiple sources, and dedicated regulatory reporting.
Key Benefits
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Improves risk visibility by centralizing all client reputational, legal, and financial information into a single profile
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Reduces administrative burden by automating the process of assessing clients in a single platform instead of spreadsheets
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Reduces cost by enabling organizations to assess their third-party vendors, suppliers, and clients in the same solution
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Reduces the time required to meet FINRA compliance reporting requirements with centralized assessment, monitoring and evidence management
Key Features
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Comprehensive Client Risk Profiles
Build comprehensive profiles that centralize client firmographic information, CPI scores, Modern Slavery statements, as well as operational, reputational, legal, sanctions, and financial insights for a holistic view of client risk.
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Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks for all new clients.
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Due Diligence Assessment
Leverage a dedicated anti-bribery and corruption (ABAC) and anti-money laundering (AML) risk assessment to simplify FINRA compliance reporting requirements.
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Reputation & Sanctions Monitoring
Access qualitative insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, sanctions, adverse media, OFAC violations, conflicts of interest and more.
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Financial Governance & Transparency Monitoring
Tap into financial information from a network of millions of businesses across 160+ countries. Access 5 years of organizational changes and financial performance, including turnover, profit and loss, shareholder funds, and more.
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Politically Exposed Persons (PEP) Screening
Screen against a global PEP database with access to over 1.8 million politically exposed person profiles, including families and associates, to instantly identify potential leadership risks.
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State-Owned Enterprises Screening
Screen for state-owned and government-linked enterprises to avoid conflicts of interest.
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Client Operational Monitoring
Examine operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.
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Document & Evidence Management
Store client documentation for dialogue and attestation. Leverage built-in automated document analysis based on AWS natural language processing and machine learning analytics to confirm key criteria are addressed.
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Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified risk reporting.
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Risk Reporting
Meet complex regulatory reporting requirements with built-in report templates.
"We have had an excellent experience, the team is very responsive and the product provides us with functionality we need."
— Large Financial Services Firm
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Blog PostAnti-Bribery & Corruption (ABAC) Risk in the Extended Enterprise: A...
An increasingly global third-party ecosystem and a growing number of bribery and corruption laws means your...
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Blog Post
Foreign Corrupt Practices Act (FCPA): How to Assess Third-Party Anti-Bribery...
Consider these 5 recommendations to simplify and automate third-party ABAC risk assessments under the FCPA.
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Blog Post
Interagency Guidance on Third-Party Relationships: How to Comply
Here are best practices for aligning with requirements from the U.S. Federal Reserve System, U.S. Federal...
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