Fenergo introduces Financial Crime Risk SaaS to centralize, automate and standardise risk assessment

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC) and client lifecycle management (CLM), has announced the launch of FinCrime Risk. This application programming interface (API)-first software as a service (SaaS) solution will allow financial institutions to centralise and automate risk assessment processes and streamline anti-money laundering (AML) compliance across all business lines and geographical locations.

Financial institutions are often unable to accurately assess the risk of clients and counterparties due to increasing financial crime, new sanctions measures, and increased regulatory scrutiny. According to research by Aite Novarica Group 38% use at least one system to manage risk. This is due in part to the wide variety of systems that are used by different firms for different types of assets and business lines. FinCrime Risk is designed to help firms address this challenge. It allows them to consolidate risk assessments into one central platform, digitalise manual processes and improve client onboarding.

The Fourth AML Directive of the EU requires financial institutions to identify potential exposure to countries with strategic weaknesses in their AML/counter-funding of terrorism (CFT). They also have to apply increased due diligence to clients that are deemed high risk. The U.S. will likely require financial institutions to carry out mandatory risk assessments under the Notice of Proposed Rulemaking on Effective AML Programmes. Financial institutions must be ready to prove to regulators that they can perform effective risk assessments.

This standalone regulatory offering is built using API-first technology, which can seamlessly integrate into any technology environment. It creates rich, holistic risk profiles for client and entity that can be used by all authorized users on any integrated platform. It contains pre-configured Financial Crime Risk Model (Financial Crime Model) accelerators that are based upon criteria recommended by Financial Action Taskforce. They were developed by Fenergo regulatory professionals. They are accessible via a dedicated, no-code user interface.

Stella Clarke (Chair Strategy Officer, Fenergo) commented on the launch of the product. “Many financial institutions today are challenged with paper-based, siloed and inadequate risk assessment models for AML. It was crucial that we designed a product that can be used in a variety of geographically dispersed financial institutions. This includes corporate and investment banks, universal banks, payment service providers, and universal banks. What is particularly significant for existing and new clients is the ease of adoption; financial institutions can benefit from Fenergo’s market leading financial crime credentials immediately.”

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