Protect your business, Know Your Customer (KYC) from industry experts

In today's fast-paced world, fraudsters and criminals are constantly finding new ways to exploit businesses by posing as legitimate customers. Without a robust Know Your Customer (KYC) process in place, businesses are vulnerable to financial crime, the consequences can be devastating, leading to financial losses and loss of trust from customers and stakeholders.

The Certificate in Knowing Your Customer will provide Learners with knowledge, practical skills and techniques to be able to research and verify their customer. Learners will understand the basics of establishing the identity of the Customer, together with how to establish the validity and viability of your customer, and how to profile the Customer. Learners will also examine how to identify the various sources of information for profiling, and how to use the various external agencies. Learners will examine the process of managing Credit Risk, and the checks and balances, which are necessary to establish the credit worthiness of a prospective customer. This Unit demonstrates the costs of credit to the business from overdue invoices and debts. 

What will I learn?

1.     Knowing the customer; the nature of the information required to establish the identity of the customer and to establish the trading status; the application process and the application form; terms and conditions; dealing with customer objections; the purpose of collecting information;

2.     Establishing the identity, validity and viability of the customer; the purpose of the Credit Application form; information required on the form, e.g. the registered name and address of a limited company, the names, business and home addresses of the partner(s) or Directors, the name, business and home address of a sole trader, the length of time the business has been in existence, internal sources of information, current payment record; sources of external information, Credit Rating Agencies, Companies House web check.

3.     The sources of information for profiling, managing Credit Risk and Checks and Balances and the cost of credit; internal sources of information, existing records, payment history, sources of internal information e.g. Finance function, Sales function; external sources of information, Equifax, Dunn and Bradstreet and other Credit Reference Agencies; Companies House Web check; online sources of information, Credit safe, Registry of Judgements, establishing the accuracy of the information provided, relevance of the information provided; the cost of credit to the business; the impact on cash flow, the cost of servicing unpaid invoices, factoring, credit insurance and invoice discounting: staff time, phone calls, letters.       

Objective

Venue detail for course: