PREVENT – Programmed Risk Evaluation and Notification

PREVENT empowers you to maintain up to date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to instantly re-evaluate and fine tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process.

Programmed Risk Assessment is achieved by first assigning accounts into groups and applying a risk matrix by account group. Account and transaction information is retrieved from your monitoring and central systems, on a daily basis. PREVENT runs the risk assessment process upon request, as well as on a pre-scheduled basis.

PREVENT’s Data Analysis capabilities assist you in defining your risk matrices by providing statistics on your data. For new accounts. PREVENT automatically calculates the Account Risk and compares it to the Risk retrieved from your central system. New risk ratings assigned in PREVENT may be automatically fed back to update your central and monitoring systems, as needed. PREVENT allows you to define different criteria for each risk matrix, and assign scores to the values of each field. Once those have been defined, PREVENT allows you to assign weights to each selected field.

An alert is generated once a risk assessment matrix is executed, displaying results and comparatives to current risk ratings. You may run account risk assessments numerous times, without impacting the risk of accounts. Resulting risk ratings are applied upon approval. Accounts to be updated are selected individually or by filtering on various fields. Once the risks have been assigned at the ACCOUNT level, PREVENT offers the ability to assign risks at the CUSTOMER level. Customer risks may then be assigned to the customer’s accounts.