Our Financial Crime team regularly see clients over-screening their prospective and existing customers, resulting in increased operational effort for investigators and the increased operational cost associated with that.
Screening is driven by a watchlist or collection of watchlists that contain records of individuals and organisations of potential interest from a Financial Crime risk perspective. Screening processes that have not been optimised are likely to result in the generation of a large volume of potential matches, many of which are unhelpful in understanding customer risk. These potential matches all require human evaluation, leading to a time-consuming, repetitive, and expensive process.
What can you do to solve this problem?
Our solution helps organisations tailor watch lists to match their jurisdictional footprint and risk appetite. It provides a configurable, user-friendly method of managing watch list content whilst improving the data quality and completeness of those kept for screening.
In deploying our Watch List Optimisation solution at previous clients, we have cut the volume of screening alerts by 40%, while validating that only worthless alerts have been culled.
If you’d like to find out more about our watch list optimisation solution and how this could be used to reduce costs within your organisation, please contact Simon McMahon.