Your Complete Guide to Customer Risk Management
Discover the importance of customer risk management as part of your third-party risk management strategies. Secure, trustworthy relationships are at the core of a healthy business. It’s a step you can’t afford to overlook, and in some cases, it is mandated by law.
The Importance of Customer Risk Management
Customer risk management is essential any time you are considering bringing a new customer on board. This type of investigation can reveal risks related to finances, reputation, and civil, and criminal history.
While it’s important in plenty of industries, an in-depth investigation is required for many businesses within the financial sector. Anti Money Laundering (AML) regulations, including Know Your Customer (KYC) requirements, are an effort to fight financial crime, which can range from money laundering to terrorist financing. If your AML obligations are not met, the penalties can be harsh.
What is Customer Risk Management?
Customer risk management is a means to uncover negative, suspicious, or potentially fraudulent actions your customer may have been involved in. The more you know, the easier it is to make decisions about doing business with a potential customer.
What can you learn?
You will find out about financial risks, which include issues such as a poor credit history or past bankruptcies. Other risks that can be uncovered include professional licensing problems, contract disputes, civil court cases, and even past criminal acts.
You will also avoid the penalties that come with ignoring anti-money laundering regulations. Whether it is required by law or not, verifying customer identities and uncovering the risks involved in doing business with them is key to protecting your interests. Get Started Today
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What can The investigators uncover?
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Best Practices for Customer Risk Management
Give your risk management investigation the best chance of success. Here are some steps you can take during this important process.
Make Sure You Start Early
Start the risk management process at the beginning of your decision making process. You’ll need plenty of time to look over the results of the investigation and analyze the implications of doing business with the potential customer.
Involve professional Investigators
Professional screening companies like CS Business Screen have a successful track record and will help make sure nothing is overlooked. Not all the information you need is easy to find, so leave it to the pros.
Document Your Findings
Keep detailed records. Whether you onboard the new client or not, the findings and analyses may be required in the future.
Why Work With CS Business Screen
We make customer risk management simple and effective. CS Business Screen gives you the facts you need to make informed decisions. Our process is driven by our principle values: Transparency, Accuracy and Speed.
Don’t wait for weeks to get the critical information you need, and don’t end up paying for an investigation that simply verifies information that’s available online. A deep dive into various databases, conducted by knowledgeable professionals, is a must for true risk management.
Explore a Sample Report
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Executive Summary
The licensed private investigator who conducts your report provides a clear executive summary to help you make decisions.
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Alert Summary
See any risk alerts at a glance in the summary rollup at the top of the report.
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Detailed Risk Assessment
See financial, operational, legal, and reputational risk exposure.
Message an Investigator
Still have questions? You can direct message your investigator.
What to Expect
When you work with Business Screen, the first step is always a consultation to discuss your needs and make sure our services are a good fit. We’ll also provide a guided tour of our online platform so you can see how easy it is to use. If you decide to move forward, here’s what you can expect.
Next Steps
If you decide to move forward with a vendor due diligence investigation, here’s what you can expect.
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Custom
Quote
We’ll provide a custom quote for your unique M&A due diligence needs
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Professional Investigation
- You’ll be asked to provide some basic information on the target of your investigation.
- Your licensed investigator will then dive in, searching for the information you need.
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In-depth
Report
- Your detailed report will be available in an average of just two business days.
- Your detailed report will be available in an average of just two business days.
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Review and
Questions
You will have access to directly message your investigator with questions.
Start Your Customer Risk Management Investigation Today
Successful business relationships start with knowledge, and we have the expertise to track down the information you need to know. We give you confidence in your business decisions by providing comprehensive, easy to understand reports based on verified information.
Get Started in Minutes.
To learn more or move forward with an investigation, simply answer a few basic questions.
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