We reset our risk appetite early on in the pandemic while adding new risk management functions. For example, we extended our use of Wiserfunding’s scores for client and portfolio evaluation, rolled out a new AI tool developed with our partners at Data Sciences Labs to predict client liquidity profiles and enhance customer experience, partnered with Neotas to introduce ongoing fraud monitoring (having used this tool for up-front fraud checks), and we brought in leading market expertise in the area of AML and KYC compliance to ensure our processes are robust.
– David van der Veer joins our SME business as CRO, joining from Bibby Netherlands where he oversaw risk, insurance and collections. Sam Leaw has also joined to drive a more digitalised approach to risk management and transaction governance.
– In early 2020, we developed with our partners innovative AI based technology which leverages open banking to predict SME liquidity needs and improves customer experiences.
– Upfront and on-going fraud monitoring with our partners at the transaction level.
– We brought in leading expertise on financial crime and fraud risk to help us develop a new scorecard for AML/KYC risk profiles; this scorecard has been implemented by year-end 2020 and will soon drive our KYC AML and compliance monitoring dashboards; we have also for the first time included ESG variables within this framework
We look forward to keeping you up to date with our progress within risk governance at Channel.