FIC Enquiry Configuration
FIC integration enables real-time client checks to identify risks in loan applications. This guide details how to activate and optimize risk assessments in Mobiloan
Last updated
FIC integration enables real-time client checks to identify risks in loan applications. This guide details how to activate and optimize risk assessments in Mobiloan
Last updated
Access System Settings: Navigate to Setup >> Config in Mobiloan.
Locate FIC Integration Settings: Find the section for FIC Integration Configuration. A checkbox indicating whether a FIC enquiry is mandatory during client processing. This ensures that FIC enquiries are integrated into risk evaluations where necessary. Enable this checkbox
Enable FIC Integration: Toggle the switch or checkbox labeled "FIC Required" to activate FIC checks in the system.
Customize your RMCP: Customize your RMCP by assigning custom risk levels, from Low Risk to Extreme High Risk, to various assessment groups. Additionally, predefined score ratings (1-10) can be assigned to each risk level, such as Low Risk (1), Medium Risk (4), High Risk (7), and Extreme High Risk (10).
The first step of this configuration requires you to complete a table outlining various risk levels and their scoring structure:
Risk Relevance: The level of risk (Low Risk, Medium Risk, High Risk, Extra High Risk).
Single Score (1 - 10): A numerical score assigned to each risk level, ranging from 5 (Low Risk) to 10 (Extra High Risk) Once the FIC report is generated, these scores are aggregated into a final FIC Rating Score, which will be clearly displayed in the KYC Report.
Overall Maximum Score: The total possible score for each risk category, from 135 (Low Risk) to 270 (Extra High Risk).
Expiry Period: Specifies the validity of the risk assessment, ranging from 6 months to 3 years, depending on the risk level.
FIC Enquiry: All risk levels require a Basic FIC enquiry.
Enquiry Fee: The fee for FIC enquiries across all risk levels is 0.00.
When configuring risk assessments, you must assign risk levels to various assessment groups, which will influence the overall risk rating of the client. This categorization directly impacts the FIC report generated by Mobiloan.
Each assessment group is structured to capture essential client data for risk evaluation, compliance checks, and deeper financial analysis, ensuring that users can easily interpret and understand the completed FIC Enquiry report.
By default, all attributes will be predefined at LOW RISK. Select the dropdown to strep through and configure each of the available assessment groups.
🔦Risk Rating Guidelines
When configuring various assessment groups, consider the following points :
Low Risk: Applied to stable and well-established scenarios with minimal fraud potential.
Medium Risk: For situations involving moderate uncertainty or newer factors.
High Risk: For scenarios with significant uncertainty or higher chances of fraud, missing information, or other high-risk factors.
Extreme High Risk: For cases where immediate attention is required due to severe risks.
Geographical Location: Higher risk for clients from countries with lower financial stability or increased crime rates.
Source of Income: Medium risk for irregular or unstable income sources.
Marital Status: Higher risk for single individuals due to potential financial instability.
Hold Status: High risk for accounts with multiple flags or holds.
Loan Purpose: High risk for loans associated with financial distress or unstable purposes.
For more information on Mobiloan's FIC Integration, select the page link below:
FIC
