Ongoing risk assessment helps you stay aware of potential risks and respond proactively to minimize their impact. It involves collecting and analyzing data and conducting regular checks to stay updated on emerging risks or any changes in existing risks.

Sumsub offers you the risk assessment matrix to identify and classify risks associated with each applicant.

Such a breakdown will help you increase scoring efficiency, enhance security, and make more informed decisions. For example, you can create a rule that will mark a specific applicant as the one with a high risk of chargebacks and add 20 points to their risk score.

Set up ongoing risk assessment

To set up ongoing risk assessment:

1. Create transaction monitoring tags like Suspicious activity, Fraud, Money Laundering, Account takeover, and so on, depending on what applicant action triggers the rule.
2. Add these tags to your rules to start scoring transactions. You can also assign tags to transactions for additional information if needed.

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Note

The transaction tags differ from the applicant tags as they are associated particularly with transactions versus that of applicant tags, which are always associated with your applicants. The applicant tags can be set up on the Tags page in the Dashboard.

Step 1: Create tags

To create a tag:

1. In the Dashboard, open the Tags page and click Add tag.
2. Enter the tag name, choose the bar color, and select the Score applicant checkbox to use the tag for scoring your applicants as part of ongoing risk assessment.
3. Click Save.

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Important

To use tags for ongoing risk assessment, make sure to select the Score applicant checkbox when creating the tag.

Step 2: Add tags to rules

To add a tag to a rule:

1. Create a rule and set up its condition.
2. Navigate to the Rule actions section, select Add tags to transaction, and set up the score for the rule.
3. From the drop-down list, select a tag that you want to use.

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Did you know?

Adding tags to transactions can be used for other purposes as well, like, for example, highlighting a specific type of detected fraud.

Review results

The applied tags and their scores (if applicable) are displayed in the Assessment section of the Case Management page in the applicant profile.

Each time the rule containing the tag is triggered, the assessment score in the applicant profile is updated as per the most recent transaction with the relevant tag.

In the same section, you can find the onboarding score located in the top-right corner.

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Note

The onboarding score is only displayed if you create KYC transactions during onboarding, which can be configured in the general level settings. The onboarding score does not represent the sum of all your assessment scores. However, you can use the onboarding transactions within your risk assessment.