Keep Up-To-Date on Compliance Tools & Issues
Jinfo Blog

By Andrew Lucas

Abstract

Key themes in the FreePint Topic Series: Compliance in Context include product workflow, improved efficiency and, above all, ensuring that you have the right product in place to protect your organisation against regulatory, reputational and business risk. Series producer, Andrew Lucas, highlights articles and reviews which cover these important aspects along with ways to keep up-to-date with the constant flow of new compliance regulation.

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Among the key themes to have emerged from the product reviews and feature articles in the FreePint Topic Series: Compliance in Context has been the importance of product workflow, improved efficiency and, above all, ensuring that you have the right product in place to protect your organisation against regulatory, reputational and business risk. The Series has also highlighted the importance of keeping up-to-date with the constant flow of new compliance regulation.

The FreePint Report: Buyer's Guide on Regulatory Compliance, publishing later this month, is available to all registrants for the Series. Register here for your copy.

Eliminating False Positives

As part of the Buyer's Guide we are featuring an overview of Bridger Insight XG by Sophie Alexander. Bridger Insight manages the processing, auditing and monitoring of due diligence and screening checks. Sophie concludes: "the biggest benefit of having Bridger was how it could potentially save an organisation a lot of time and money, particularly the time saved in having to investigate false positives."

The theme of false positives is explored in Victoria Meyers’s fascinating feature on Linguistic Identity Mapping. She looks at the modern, linguistic approach to identity matching that has improved both the precision and the recall of compliance screening systems.

Boosting Efficiency

Sophie also reported, in her Mini Review of Alacra Compliance Enterprise (ACE), an Anti-Money Laundering/Know Your Customer service, that Alacra is currently evaluating name-matching software that would allow them to translate foreign characters into English.

The efficiency theme is further explored in the ACE review which looks at some of the changes made in the product which "include being able to configure the user interface, search and include related entities (or reuse previously created entities) thus saving time on data entry, and search multiple addresses or Alias names, so increasing the match rate. …according to Alacra, some clients have noticed a 50% increase in productivity."

Compliance Catalyst from Bureau van Dijk (BvD), a workflow application which helps organisations to take an informed, risk-based decision as part of their onboarding process, was reviewed by Chris Porter. He reported that "the service aims to speed up the 'due diligence' research and decision-making process by combining key data sources, then automating and streamlining steps which many users are currently undertaking manually, hopping between many different systems".

ROI & Practical Guidance

The focus in the product reviews on increased efficiency is picked up by Penny Crossland in her article on Defining and Measuring the ROI in Compliance Tools. Penny drew on the Factiva Institute guidance on quantitative and qualitative metrics for ROI and suggested combining them with qualitative data from case studies to create a more effective approach to measuring the value of compliance products to the enterprise.

As well as looking at how you measure the ROI for compliance products, the FreePint Topic Series: Compliance in Context has also provided practical guidance on the factors that should be considered when selecting the right tools for the compliance process. In Victoria Meyer’s article on Supporting the AML Compliance Screening Process she looks at the key requirements for an effective Anti-Money Laundering screening system.

Customisation & Keeping Updated

The importance of being able to customise compliance tools to fit with the users’ workflow is a feature across all the product reviews. For example, a key strength of BvD’s Compliance Catalyst is: "its highly configurable nature. Tools are provided to help the clients to build their own 'decision models', with different sets of steps and scores for different sets of entities to be researched, chosen and configured by the organisation in order to match its risk appetite".

Finally, the sheer volume of regulatory updates means that it is vital to keep on top what is coming down the track, something that was a feature in a number of the articles in the Series. Thomson Reuters told Chris Porter in his review of Compliance Complete, a service for tracking regulatory developments, that a "heavily regulated organisation… could typically have several people spending some part of their working week scouring regulatory websites for alerts, reviewing documents for relevancy, putting information manually into some sort of consistent format and then distributing it within the organisation".

The FreePint Topic Series: Compliance in Context provides invaluable insight through both practical guidance on a number of compliance-specific topics as well as in-depth reviews of some of the leading products in the field.

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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