KYC Refresh Completion Rate
Percentage of customer files requiring periodic Know Your Customer review completed on time
What is KYC Refresh Completion Rate?
Know your customer (KYC) refresh completion rate is the percentage of periodic customer due diligence reviews completed on time. It shows how well a financial firm keeps its customer information current.
Regulators expect firms to refresh customer checks regularly, so missed reviews are a compliance risk.
How this KPI is measured
- Function
- Legal, Risk & Compliance
- Sub-function
- Compliance
- Industry
- Financial Services
- Type
- Lagging
- Impact
- Risk
- Unit
- %
- Measurement frequency
- Monthly / Quarterly
- Formula
- (KYC reviews completed on time / Total KYC reviews due) × 100
How to calculate it
Divide KYC reviews completed on time by total KYC reviews due, and multiply by 100.
For example, if 940 of 1,000 reviews due were completed on time, the rate is 94%.
Set review frequencies by customer risk level, with higher-risk customers reviewed more often, and track overdue reviews by age.
Where it is used
Meeting regulatory obligations
Show reviews are current.
Managing financial crime risk
Keep customer data reliable.
Planning compliance workload
Schedule reviews.
How to improve it
Tips and common mistakes
- Requirements vary by country and regulator.
- Overdue high-risk reviews are the greatest concern.
- Keep clear audit records.
More Legal, Risk & Compliance kpi library
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