IRIS CRM recently announced our ground-breaking partnership with Conformance Technologies – one of the world’s leading providers of risk assessment and conformance tools for small and midsize businesses (SMBs). With this new partnership, IRIS CRM has fully integrated Conformance Technologies’ PreComm ToolKit™, one of the most powerful cloud-based due diligence tools available today.
This new integration offers IRIS CRM and Conformance Technologies users an enormous amount of added value and a rich set of risk assessment and management features, including, but not remotely limited to, the following three areas:
1) Automated Risk Assessments
IRIS CRM is all about streamlining workflows and automating the repetitive manual tasks that distracts from core work that helps your ISO grow and thrive. We’ve approached our PreComm ToolKit integration with the same goal in mind, automating the underwriting due diligence process so that the only thing required is for you to make decisions.
The system accomplishes automation by tying PreComm ToolKit scans to a lead status of your choice. For example, you could set the system up to automatically move prospective merchants into a lead status called “underwriting” as soon as their digital MPA is received in the CRM. That automatic status change would then trigger IRIS CRM to automatically and securely send the necessary merchant information to Conformance Technologies, run the PreComm ToolKit scan, and then import the results back into the CRM, where they’ll be waiting for review.
2) Deeper Background Checks
Manual due diligence is time-consuming and inefficient. Not only does your staff need to go out and manually curate the data necessary to make good decisions, but they also have to sift through it and analyze it, one piece at a time. And that’s assuming they know where to find the information in the first place. As a result, manual background checks are often shallow in nature, glossing over most of the small, but extremely important pieces of information that go into great decision-making and risk mitigation.
With IRIS CRM and PreComm ToolKit, all of the most important data sources are baked right into the system, ensuring not only easier, but deeper and more consistent background checks on each and every merchant. With PreComm ToolKit, you have access to more than 70 of the most important data sources, including:
- Merchant TIN-scanning
- Full OFAC results with 40+ key lists
- Mastercard MATCH
- TransUnion credit reporting
- TransUnion identity verification
- Conformance Technologies InConRadar™ website scanning
- Conformance Technologies Screenshooter automated website screen capture tool
- Dun & Bradstreet summary reporting
- TransUnion TLO
- Google Street View
- Yelp reviews
Conformance Technologies is committed to constantly staying on top of valuable new data sources, plus great reporting tools like Better Business Bureau and domain and IP-level scans will be available soon.
3) Ongoing Risk Management
Manual risk assessments are a pain, and as a result, most wholesale ISOs perform them only when absolutely necessary. One needs to be done for all new merchants, and most banks require at least one reassessment each year. But beyond that, most ISOs treat risk as a static factor that doesn’t change between annual checks. In reality, that couldn’t be further from the truth. Risk constantly evolves as your merchants’ businesses grow. Some merchants become less risky over time, while others trend in the opposite direction. A lot can happen in a year. And if you’re only checking in once, what you don’t see could potentially cost you a lot.
With IRIS CRM and Conformance Technologies, the pain involved with conducting ongoing risk monitoring is removed. You can easily set the system to perform re-checks as frequently as desired. You can also create profiles so higher risk merchants are scanned more often than their lower risk counterparts. The result is that risk is treated as the ongoing, evolving, living factor that it is, rather than a static condition that can be checked once per year and forgotten. This enables you to catch problems earlier, weed out merchants that are more trouble than they’re worth, and make smarter pricing decisions based on actual merchant risk, rather than the risk they represented a year ago.
For more information on IRIS CRM’s revolutionary new Conformance Technologies integration, and how this unparalleled combination of technologies can revolutionize your underwriting process, schedule a free guided demo today.