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.
Improves risk visibility by centralizing all client reputational, legal, and financial information into a single profile
Reduces administrative burden by automating the process of assessing clients in a single platform instead of spreadsheets
Reduces cost by enabling organizations to assess their third-party vendors, suppliers, and clients in the same solution
Reduces the time required to meet FINRA compliance reporting requirements with centralized assessment, monitoring and evidence management
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.
Use a simple assessment with clear scoring to track and quantify inherent risks for all new clients.
Leverage a dedicated anti-bribery and corruption (ABAC) and anti-money laundering (AML) risk assessment to simplify FINRA compliance reporting requirements.
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.
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.
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.
Screen for state-owned and government-linked enterprises to avoid conflicts of interest.
Examine operational information, including M&A activity, business news, management and leadership changes, competitive news, new offerings, operational updates, and more.
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.
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified 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