KYC Process Capability Maturity Model
A series of draft KYC Capability Maturity Model papers were published and shared for peer review with a range of international KYC practitioners in 2009 - 2011. An updated version was published in ACAMS Today (Vol. 11 No. 4 - 2012), the journal of ACAMS, the Association of Certified Anti-Money Laundering Specialists.
The KYC Maturity Model is based on the typical 5 levels of the standard Capability Maturity Model. These levels are typically described as Initial, Repeatable, Defined, Managed and Optimized and have very strict meanings. The KYC maturity has however been somewhat simplified, renamed and re-built as follows: Chaotic, Reactive, Proactive, Service Managed and Value Managed. Practical process improvement learnings have also been taken from common manufacturing and IT productivity methodologies such as Lean, Agile, 6-Sigma, ITIL and Balanced Scorecard.
Read more about this topic: Know Your Customer
Famous quotes containing the words process, maturity and/or model:
“Every modern male has, lying at the bottom of his psyche, a large, primitive being covered with hair down to his feet. Making contact with this Wild Man is the step the Eighties male or the Nineties male has yet to take. That bucketing-out process has yet to begin in our contemporary culture.”
—Robert Bly (b. 1926)
“[How] the young . . . can grow from the primitive to the civilized, from emotional anarchy to the disciplined freedom of maturity without losing the joy of spontaneity and the peace of self-honesty is a problem of education that no school and no culture have ever solved.”
—Leontine Young (20th century)
“One of the most important things we adults can do for young children is to model the kind of person we would like them to be.”
—Carol B. Hillman (20th century)