New to my role and I have identified a current customer as a politically exposed person. Other than adding the customer to my high-risk list and continuing to monitor them, is there anything huge I am missing?

Nope, sounds like you have it covered.

PEPs are "subject to expanded examination overview;" i.e. you are expected to be able to identify them when they appear on your customer roles. However, classifying them as "higher risk" is not an automatic decision. For example, his uncle is the King of Genovia, but he is in the U.S. on a work visa and has no financial connections to his home country.

Higher risk classifications, particularly for individuals, should be doled out sparingly. Any consumer customer legitimately classified as "higher risk" is a drag on earnings and should probably be shown the gate.