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Should KYC be a part of Risk Management?

Created by : Sujeet Singh, Associate, HSBC Holdings  | 11 29 2008 13:42:02 +0000
Industry : BankingFunctional Area : Performance(Corporate Finance)
Keywords : Management Customer Risk Risk Management Part Identity KYC
Activity:  436 views;  last activity : 07 06 2010 20:18:09 +0000
Customers are part of Risk Management, do you agree to it?
  
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Yes. the basic idea of  implementing the Know your customer norm is to understand the individual and the business of the individual as well the source of the proper routing of the money channelled thru the banks. Hence I am of the opinion that every type of  account opened either lending/savings in any form need to implement KYC Norms.......
By Ganesh Ramaswamy, Area Sales Manager - Mortgages, Bajaj Finance Limited  01 26 2009 06:42:08 +0000
 
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KYC is part of Relationship executive's DUE DILIGENCE
By vinod jetley, Relationship Executive, State Bank of India Group  02 17 2009 14:52:11 +0000
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 There is no doubt that KYC is part of rsik management. Cutomers being our bread and butter knowing them is absolutly essential
By gajendra hindurao, OPS RISK ANTI MONEY LAUNDERING, Compliance, icici bank  | 03 07 2009 12:52:44 +0000
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KYC norms shoudl be made applicable only for the individual  ciustomers above a certain limit for deposits and running accounts.
By P K SARACHANDRAN, SBU/Profit Center Head Canara Bank  | 02 03 2009 02:24:47 +0000
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Yes the Risk Management Function must develop KYC capabilities and compliance of an organization. Risk Management is like the goalkeeper of your soccer team. The deal makers are like the center forwards and get the attention, but no successful team ignores the defence and goalkeeper. Strong risk management will make more money for everyone.

By Sujeet Singh, Associate, HSBC Holdings  | 11 29 2008 13:42:02 +0000
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If you intend to assess the customer relative to expected versus actual transactional activity, then it is essential for appropriately setting monitoring levels and comparing the customer to others who transact similarly. Unfortunately, it is all too often the case that KYC results have no bearing on or input into the systematic assessment of actual activity.

By Sukumar Maity, Sr. Associate, IDBI Bank  | 11 29 2008 13:44:15 +0000
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