GRC Viewpoint

Why Orchestration Is Important for KYC in 2023?

Orchestration is one of the critical trends spearheading the KYC solutions industry in 2023 or maybe beyond. Using orchestration, we may modify their KYC procedure to suit various consumer types according to their characteristics.

There are endless  possible check combinations, depending on the client, the company’s internal regulations, and many other factors. 

READ MORE: The Fabulous Destiny of Compliance: Time for a Paradigm Shift in GRC

With orchestration, various KYC checks may be run against a variety of risk signals, and the process can be changed dynamically in response to real-time inputs.

Orchestration is a tool that businesses may use to increase inspection for higher-risk persons. It is possible to carry out the process while preserving a smooth customer experience for their loyal clients.

READ MORE: A case for GRC (Governance, Risk Management and Compliance)

The fundamental goal of KYC is to safeguard financial institutions from fraud and money laundering. 

The world is changing. How technology is evolving is unpredictable. The situation has also made it compulsory to ensure a robust customer access management plan is in place. The conventional plans may not be sufficient to tackle the present-day requirements of KYC.

The KYC solutions industry has also been responsive to the changed requirements of the industry. Over the years, the process of KYC has evolved heavily.

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