KYC-prosessi vastapuoliriskienhallintakäytäntöjen kehittämisessä: rajaobjektinäkökulma

Enterprise risk management (ERM) is recognised as a holistic approach for managing risks. The holistic nature of ERM has led to ambiguity about what ERM entails, and as a result, its practices remain underdeveloped. This has complicated the implementation of risk management practices. Thus, this study builds on these implementation challenges and examines how a Know Your Customer (KYC) process can be implemented to operationalise counterparty risk management practices and create a shared context by drawing on boundary object literature and communicational perspectives on riskwork. The study was conducted as a commissioned work for a case company, who was seeking ways to enhance its counterparty risk management practices. Accordingly, the study employed an interventionist research approach, as the researcher actively participated in the development of the KYC process. Data collection methods consisted of internal documents and semi-structured interviews from the case company. The key findings of the study indicate that the case company lacks a formal KYC process, characterised by unclear roles and responsibilities, where practices guided the process rather than formal guidelines. Boundary object theory was employed to identify ways in which vague nature of KYC could be operationalised and embedded into operational practices by developing a standardised process, which facilitates the creation of a common understanding and collaboration between business units through formal guidelines, practices and assessment tools. Thus, the study extends prior accounting literature by demonstrating how the KYC process can act as a boundary object creating common practices and shaping the understanding of how counterparty risks are managed in the case company.