Identity Verification & The Importance of Risk Management
How Can Risk Managers utilise Identity Verification?
The importance of risk management to an organisation cannot be overstated - there is an assortment of risk management practices put in place by every company to minimise or manage fraud and commercial risks. There are also risk management measures to ensure compliance with all rules and regulations including the Know Your Customer rule and Customer Due Diligence requirements.
With technological advancement in commerce, a business can operate online without seeing its clients. While this is great, it is also risky as companies do not know with whom they are transacting. It has become imperative that companies, and risk managers in particular practise effective identity verification to ensure customers are whom they say they are.
When Do Companies and Risk Managers Carry Out Identity Verification Practices?
These are some of the key activities when risk managers focus on identity verification:
- Ensuring compliance with Customer Due Diligence requirements
- Processing transactions with high risks
- Conducting eCommerce
- Originating Accounts
Companies that implement the identity verification solutions successfully also enjoy lower business expenses, increased approval rates, reduced underwriting costs and increased revenue. Thanks to an effective identity verification solutions, businesses are able to measure and discuss performance with in-house teams.
It is crucial that risk managers be able to successfully minimise risk without the organisation compromising customer experience or reducing revenue.
Different risk managers have a different approach to identity verification, depending on their business.. For some, it is the principal means of verifying a client’s identity; for others, it is a further authentication method used riskier situations. Finding a customisable identity verification solution that can easily be altered to suit new business ideas, priority or risks is essential.
How Selified Can Help with Online Identity Verification
The Selified service is able to process manual exceptions quickly and efficiently. By combining a unique combination of automation, machine learning and human guidance, the Selified customer verification service can onboard more customers with rigour via a seamless customer experience, whilst making it possible for organisations to cut their manual staffing costs.
To learn more about the service or talk to a member of our team, click on this link.