Compliance Services
The risk management process identifies and analyzes activities that could negatively affect your organization's business objectives. Risks run the gamut from relatively minor to severe to disastrous. The appropriate response depends on their perceived gravity.
ServicEngine can help you assess common business risks that are driven by technological, commercial, financial, and security issues. We can also help you assess potential risks that may be specific to your business. By using us as a third-party administrator, you might be able to reduce your costs by as much as 50 percent.
Compliance is the process of conforming with mandatory requirements as defined by laws, regulations, contracts, internal organization policies, or other external organizations. Non-compliance, whether intentional or inadvertent, can generate significant organizational problems in the form of legal or financial penalties.
Three core concepts fall under the general heading of Data Aggregation and Analysis. These are detailed in the recent extension of the 2001 Patriot Act, signed into law in May 2011. All three require an enhanced level of due diligence regarding large financial transactions.
Let your employees focus on your core business processes and turn to ServicEngine for your Compliance Services needs.
Data Services
Know Your Customer (KYC). Make it your business to be aware of your customer's general financial profile in order to note of any unusual activity.
Anti-Money Laundering (AML). Generally flags any transactions in the $10,000 range or repeated transactions that equal or exceed this sum in a short time period. These may be investigated to determine if such funds are being used for possible criminal or terroristic purposes.
Politically Exposed Persons (PEP). hold positions or perform important duties for government, such as judges, legislators, or military leaders. Their importance makes them subject to a higher level of scrutiny that an average person.