Fintech firm Ondato has announced the launch of a new tool that aims to help businesses address potential client risks.
Through its Ondato Risk Scoring tool, users can easily identify their AML (Anti-Money Laundering) risks across their client portfolio. By doing so, companies can review a customer’s risk scores, giving them an upper hand when it comes to onboarding new clients.
“Part of the challenge preventing better AML compliance is that the majority of current risk assessment and risk management tools are still based on spreadsheets, such as Excel, or static reporting platforms,” said Liudas Kanapienis, CEO and co-founder of Ondato.
“Ondato Risk Scoring eliminates the need for spreadsheets, automates the risk assessment process, and generates a more fine-grained picture of risks.”
While tools such as Ondato’s are typically reserved for the financial industry, these tools can be adapted for other companies to help improve their own client vetting process.
Improving the process in onboarding clients can help companies identify risks before being impacted by them. For instance, a flexible workspace firm could use such a tool to ensure that a new member of their workspace doesn’t present any financial, community, or any other type of risk that could put the operator’s reputation in jeopardy.