Being able to accurately assess risks when onboarding new clients is an essential part of any successful business strategy.

By taking the time to identify and analyse potential risks before they become a reality, businesses can better prepare themselves to handle any issues that may arise in the future.

Doing so ensures that the organisation is making the most of its resources, while also minimising financial and reputational damage.

In last week’s blog, we looked at Know-Your-Client (KYC) and Client Due Diligence (CDD). This week, we explore other aspects of risk assessment and how businesses can use it to their advantage when onboarding new clients.

What should risk assessments look at?

As part of the risk assessment process, a variety of questions need to be answered. This might include:

  • What has the potential to go wrong?
  • How will this impact your business?
  • How should you react/respond?
  • If action is needed, how will it be paid for?

Recognising potential risks in advance will help you to reduce or avoid them completely, saving you valuable time and money.

If you aren’t aware of the hazards within your business, you are putting yourself, your clients, and your staff at risk.

When it comes to the onboarding process, conducting a risk assessment helps you understand who your potential clients are and how you will work with them.

This is important, as it mitigates any dangers that may harm your business before you officially take the client on.

Risk assessment forms

At FibreCRM, our onboarding solution covers all the key steps in onboarding a new client and managing risk.

We offer the ability to create your own risk assessment forms, which are comprised of:

  • Risk question builder
  • Partner email reminders 
  • Web-based completion
  • Supports Mercia and HAT templates.

Our solutions integrate seamlessly with existing practice management platforms, such as IRIS and CCH, and other software platforms, such as Creditsafe, SmartSearch and ID3 Global, helping you to improve the client journey from day one.

Want to know more about how we can help with your onboarding process? Get in touch today.
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Finalist for software Innovation of the year 2019