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Data quality
specialist Datanomic today announced the unveiling of the company’s
new strategic ‘Client Screening Division’ to
directly address the ‘Know Your Customer’ data challenges
faced by customers on a daily basis. Following on from a recent
partnership with leading global provider of structured risk intelligence,
World-Check, the new screening practice has been set up to negate
the business pain points and address the regulatory risks associated
with data screening, and provides customers with an accurate and
automated foundation for mitigating risk when screening client
records.
Compromised data exposes organisations to operational, financial
and reputational risk. Business decisions based on inaccurate information
lead to unnecessary costs and missed revenue opportunities. Businesses
that rise to the challenges of effective information management
reap the rewards of reduced operational costs and the ability to
exploit new business opportunities with increased confidence.
Headed up by Simon Pearson,
Director of Client Screening, who will report directly to CEO,
Jonathan Pell, the proposition utilises
the technological expertise of Datanomic’s ‘Sanctions/PEP
Screening’ solution which drastically reduces false positive
rates and is designed for ease of use by non-technical users. The
template, which is fully compatible with World-Check’s highly-structured
database, enables users to define how closely any two records match.
Standard comparisons are pre-configured but can be edited, removed
or new ones added in a risk-based approach.
Regulatory initiatives,
such as Basel II, MiFID and the 3rd EU Money Laundering Directive,
placed stringent information management
requirements on Financial Services organisations, but now these
challenges are being faced across all industries. Money Laundering
Reporting Officers (MLROs) face increasing ‘Know Your Customer’ challenges.
The scale, complexity and cost of screening customers against published
sanctions lists (‘Watch Lists’) and named PEP lists
is becoming a major administrative burden for compliance departments.
The legal requirement to continually and accurately screen their
customer base presents organisations with new operational challenges.
Traditional matching methods require a smarter, more sophisticated
approach.
“Our decision to open the new division is on the back of
the increasing success that we’ve seen within the financial
services sector over the last 18 months and is in answer to customer
demand from other industry sectors,” noted Jonathan Pell,
CEO, Datanomic. “By taking client screening to other industries
and introducing additional innovations to our solution set, Datanomic
enables organisations to focus on the greatest areas of operational
risk to the business.”
Datanomic will be joining
World-Check on 14th December at The Savoy, London, for a half-day
afternoon seminar for MLRO’s
and compliance officers focusing on the ‘Emerging Threats
facing EU MLRO’s and Compliance Officers in 2008’.
Simon Pearson, Director of Client Screening, will discuss ‘Automated
Client Screening is easy with the right tools’.
To register for the event, please visit: http://www.datanomic.com/news/95
For more information please visit http://www.datanomic.com
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