On pushing forward broader adoption
As we build deep, autonomous risk data linkages on financial institutions and corporates around the world, we are constantly tracking new trends (and their adoption). While our focus is on EMEIA and LATAM, it is interesting to note that it took looking at almost a thousand banks to find the first fully complete Wolfsberg Questionnaire.
Why is this important?
For one, none of them were in emerging or frontier markets.
No, the first example we found is for a mid-tier bank in Italy called Banca Carige. Specifically, Banca Carige’s report is the first found that has both: i) updated 2018 information; AND ii) a fully populated new Wolfsberg Report.
Nice job. However, before celebrating, please note that Banca Carige’s report is the exception and not the rule in Italy.
At Sigma Ratings, we supported the development of the new Wolfsberg format and have subsequently integrated it into our model. Wider scale adoption not only helps increase transparency, but it helps build deeper trust and understanding of risks and control environments at scale.
One of the most important factors for knowing your customer (KYC) in commercial relationships is evaluating the business line of a potential client,...
We are delighted to announce the release of our upgraded Sigma Open Search capabilities. This release is the result of hundreds of hours of...
As the Internet has come to play an increasingly central role in people’s lives across the globe, the information on people, businesses, places and...
