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Client Risk: A Guide for Sales
What Should You Think About?
Risk assessment is an art as much as a science. Often it’s just gut instinct. However there are little flags and signals we read to work out if something is real, or just too good to be true. It’s rare that all the signals will align perfectly, so you need to consider the whole picture. Over time, you’ll develop a strong instinct for when something feels or smells off. More often than not, it’ll be because many of the below just don’t sit quite right. There will rarely be one big fat red flag.
Business Industry
One way to think about risk is as a traffic light system:
At Boundless, we have clear guidance on industries that fall into the red and amber categories. Everything else you can take as green.
Red – Absolutely not.
There is only one clear red flag for us:
Military and arms – We will not work with any military contractors or arms manufacturers. If a prospect operates in this space, it’s an automatic no.
Amber – Proceed with Caution
The industries below require a closer look. If you come across a company in any of these sectors, flag it with Nick for an initial discussion. This isn’t an automatic rejection—it just means we need to think carefully before engaging.
These industries tend to operate in a blend of black, white, and grey areas. Some businesses within them may be perfectly legitimate, while others might have questionable ethics, reputations, or legal risks. Our job is to make sure we manage our own , rather than getting pulled into someone else’s mess.
Industries requiring extra scrutiny:
The Entity Type
Not all businesses forms are created equal when it comes to risk. A company’s structure plays a big role in how transparent (or opaque) it is.
A publicly listed company is accountable to shareholders, markets, and regulators. A private company, partnership, trust, or fund is not. These entities often disclose far less information publicly and, in some cases, are designed to be deliberately opaque.
Lower-risk entities:
Higher-risk entities:
Ownership and Control
Ownership plays a huge part in whether a business passes the sniff test. Owned by the Dalai Lama? Probably fine. Owned by Putin’s right-hand man? Bit spicier. We have full guidance on what Ownership and Control is
.What to check:
.
The First Date: How Did You Meet?
A client’s origin story matters. It can indicate risk levels before you even dive into the details. We all know about webcams — if it’s off, it’s higher risk. Likewise, a client in a hurry can be a red flag. If someone is trying to rush or pressure you into action, they might be hiding something.
Lower risk:
Higher risk:
Geography: Where Are They Based?
Some jurisdictions are inherently riskier than others. Risk factors can include sanctions, corruption levels, regulatory environment, and ease of doing business.
Things to check:
The Financial Action Task Force (FATF) lists provided below identify countries that are considered high-risk or under increased monitoring (grey list, blacklist).
If it’s on the blacklist, it’s probably a no. Grey, a discussion will probably need to be had.
Black List:
Grey List:
Conclusion: Trust Your Instincts (and Use Your Rubber Duck)
At Boundless, we all get a rubber duck when we join. If you’re unsure about a prospect, talk it through—sometimes explaining something out loud helps you spot the issue. If the duck is awkward, set up a Huddle. But do talk!
Risk isn’t always obvious, but talking it through with someone else can help clarify whether we should move forward or step away. We’d rather slow down and get it right than rush into something we regret.
If something feels off, trust that instinct. When in doubt, ask.
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