2.1.2.3.2 Accelerated Rereview

The Accelerated Rereview workflow considers the following data processes for the automatic reassessment of the customer irrespective of their periodic rereview date. This workflow looks for the following triggers:

  1. Any changes in the customer risk attributes or factors are tracked through change logs. By default, all the change logs related to risk factors are already a part of the ready-to-use product.

    Note:

    All the change logs for the ready-to-use risk factors and their rules for automatic triggers are available in the KYC system. You can also add new risk factors or parameters and configure the risk assessment to happen for the new risk factors as well. For information on adding new risk parameters, see the Adding Risk Parameters and Rules (KYC Batch) section in Oracle Financial Services Know Your Customer Administrator Guide.
  2. Change in behavior of the customer or account if you have an Oracle Anti Money Laundering (AML) system installed together with KYC.
  3. Change in the Risk Scores of a risk parameter or rule value through the Parameter Risk Score Jurisdiction user interface. Due to external factors or regulatory changes, the risk scores sometimes need to be revised. This effectively means that all customers who are associated with those values must be reassessed. You can modify the risk scores on the UI and the system will process such changes for reassessment. You can also set a flag for reassessment on the respective Risk Model Configuration User Interface.
  4. Adding a new rule for Rule-based assessments. This helps in monitoring the customers affected by changes in external factors, regulatory changes, or new amendments. You can also set a flag for reassessment on the respective Risk Model Configuration User Interface.
  5. Adding a new rule value for an existing rule. This helps to monitor specific values of a risk factor. You can add the new rule value for an existing rule through the UI and the system will re-assess all the customers to the newly added rule value.

    All the above automatic triggers are configurable and extensible depending on the requirement of the bank or financial institution. The ready-to-use KYC system comes with all these functionalities.

    For the details of different rules and their associated configurable parameters, see the Accelerated Rereview Rules section of Appendix-A: Parameters.