Bridger Insight XG: Bridging the Compliance Gap
Jinfo Blog

By Sophie Alexander

Abstract

Bridger Insight™ XG can help a company manage risk around Anti-Money Laundering and Politically Exposed Persons as well as bribery and corruption. It searches against sanctions, regulatory and law enforcement watchlists and reduces the number of false positives that are returned using a sophisticated matching algorithm, resulting in a more consistent and streamlined compliance process.

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A recent survey by Veris Consulting showed that 66% of survey respondents reported an increase in their Anti-Money Laundering and Office of Foreign Assets Control compliance spending over the past few years. Meeting regulatory requirements is a costly business but companies are beginning to realise that failing to comply with these regulations can cost much more and often the reputational damage incurred can be worse than any financial penalty that is meted out by a regulator.

Improve Screening Accuracy

There is an increasing demand for deeper accuracy and screening of customer data, which is now possible with more advanced compliance systems such as Bridger Insight™ XG. Bridger, a LexisNexis® product, can help a company manage risk around Anti-Money Laundering, Politically Exposed Persons (PEPs) and watchlist screening as well as bribery and corruption.

It focuses on helping companies comply with the obligations of legislation such as the EU Third Money Laundering Directive, USA PATRIOT Act, UK Bribery Act 2010, US Foreign Corrupt Practices Act (FCPA) and the Foreign Account Tax Compliance Act (FACTA).

Streamline Screening

Although FreePint was unable to carry out a full review of Bridger, it was clear to see from the product demonstration how useful the product would be in helping a company to automate their compliance workflow and streamline their screening process.

Bridger provides access to a wealth of information and covers three types of watchlists including sanctions, regulatory and law enforcement. Some of these include:

• OFAC Specially Designated Nationals and Blocked Persons List
• BankersAccuity’s OFAC Enhancements List
• United Nations Consolidated List
• United Kingdom Her Majesty’s Treasury of Specially Designated Nationals
• European Union Consolidated List
• Office of the Superintendent of Financial Institutions (Canada Consolidated List).

Reduce False Positives

One of the biggest problems when screening large volumes of customers and third parties against watchlists is the number of false positives that can be generated. This costs money because they still have to be investigated. Bridger uses a sophisticated matching algorithm which helps reduce the number of false positives that are returned, and because users can also set a confidence score, they can easily compare how closely customer and watchlist entity information matches.

Bridger reflects the direction that a lot of companies are now moving in. Previously companies would have multiple screening systems but with the ever-evolving legislation and regulations in this area, companies now want a single application that they can apply in multiple offices around the world, giving them a more consistent and streamlined compliance process.

Scale Your System to Suit You

Companies are also looking for scalable client screening systems. Regulations change and new sanctions lists appear, meaning that it’s important to have a product that can easily adapt and accommodate these changes, irrespective of the size of the business. For example, there will be a requirement to conduct different levels of checks when the EU’s Fourth Money Laundering directive comes in for domestic PEPs.

Bridger stands out over other products in this area for its scalability and effect of streamlining the compliance process.

FreePint Subscribers can log in now to read more about Bridger in Sophie Alexander's article Overview: Bridger Insight XG.

Editor's Note: Compliance in Context

This article is part of the FreePint Topic Series: Compliance in Context, which runs from September to October 2013. Register your interest, and you'll get pre-notification of when registration opens for any webinars in this series, as well as a free copy of the FreePint Report: Buyer's Guide on Regulatory Compliance when we publish in October.

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