KYE is the new KYC

Or at least just as important

 

Through KYC (Know Your Customer), organisations such as banks and insurance companies gain an understanding of who their customers are, the risks associated with the business relationship, and the measures required to meet regulatory obligations.

However, as customer due diligence requirements have increased, another question has become increasingly relevant: How well do these organisations really know their own employees?

If KYC is about knowing who you do business with, KYE (Know Your Employee) is about knowing who represents your organisation.

Employees, contractors and other trusted individuals often have access to sensitive systems, customer data, financial resources and business-critical information. Risks do not always come from outside the organisation. Insider threats, fraud, identity fraud, conflicts of interest and regulatory breaches can have significant consequences for both the organisation and its customers.