Some try to navigate life without being accountable for a decision. Yet decision-making – about customers, transactions, and behaviors – is at the heart of the risk-based approach, and financial crime compliance professionals are asked to make dozens or hundreds of decisions a day.

With negative news, sanctions and PEP risks piling up, the pace and scale of decision-making only seems to increase. Given this rate of change, many institutions are moving away from static or periodic risk assessments to more dynamic, and therefore more useful, ongoing or perpetual know your customer, or KYC. That’s more easily said than done.

Fincrime professionals are being asked to manage this flood of decisioning in the risk-based approach, and innovate, and become more efficient, all at once. What are the ingredients for a successful shift to perpetual KYC?