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News

dn:Director Tops UK Charts for Risk and Compliance Screening

Datanomic : 02 March, 2010  (New Product)
With a 40% expansion in Datanomic's customer base during 2009, the company's risk screening platform is now a standard deployment solution for risk and compliance screening in the UK market
dn:Director for Sanctions & PEP (Politically Exposed Persons) Screening is now the UK's de-facto Risk & Compliance screening solution - systematically checking more than five billion client records every month - according to Compliance and Data Management solutions specialist, Datanomic. 2009 was a momentous year for the company, which saw its customer base expand by 40%. Datanomic's Risk & Compliance screening software now screens customer data in more than 100 countries and such huge demand has resulted in the company expanding into Europe and the USA. In 2010 the company is looking toward Asia Pacific as the next step in its global expansion. As one of the leading Governance Risk and Compliance solution specialists, Datanomic's software has been externally validated by some of the world's largest financial institutions as the most accurate and effective Risk & Compliance screening solution in the industry. At current growth rates, more than 10% of the world's population will be screened by companies using Datanomic software by 2012.

Key for companies using Datanomic's dn:Director for customer risk and compliance screening is their ability to achieve far greater accuracy than with competitive systems, dramatically reducing the burden of false positives (erroneous matches) suffered by their Compliance operations worldwide. Too many financial services organisations are inundated with mountains of false positives, which not only inflict a tremendous time and cost burden, but also increase the risk of missing a genuine threat. Banks, insurers, asset managers and other financial services companies using Datanomic's solution for customer screening enjoy vastly reduced false positives, due to its advanced data analytics that identifies and resolves underlying problems within customer data, ensuring its fitness-for-purpose for screening. This, combined with Datanomic's powerful screening algorithms - regarded as the most advanced in the industry - delivers unparalleled accuracy in customer screening, reducing false positives by as much as 70%.

Datanomic's customers enjoy the cost benefits that such accuracy enables. The software eliminates the 'hothouse' environment experienced by many large financial services organisations, where hundreds of compliance workers review large volumes of risk cases produced by legacy risk screening systems every day.

"In many cases, companies using dn:Director have significantly reduced their compliance workload with similar reductions in staff overhead, despite ever-increasing compliance requirements," said Simon Pearson, Vice President of Risk & Compliance Screening at Datanomic. "By freeing up case workers and management to focus on more added-value activities than reviewing false positives, our customers enjoy major cost reductions - at the same time as reducing their risk exposure through the increased rigour and accuracy that Datanomic's systems provide."

Datanomic's customers also benefit from better case management, compliance workflow and reporting tools than has traditionally been available from customer screening systems, which reduce compliance review and cycle time. The powerful, easy to use Management Information and Reporting tools in dn:Director reduce management and supervisory time, and with dn:Director processing data up to ten times faster than competitors, Datanomic's customers also benefit from cost savings in IT and data centre resources.

"dn:Director is now the de-facto choice for Risk and Compliance screening in the UK and has repeatedly proven itself to be the most accurate customer screening system in the industry in open trials, vendor 'bake-offs' and head-to-head tests versus competitors" continues Pearson. "Companies around the world face the same issues with legacy screening systems as their UK counterparts: poor accuracy; too many false positives; undue compliance burden; and sometimes even failing to identify the bad guys in the first place."

Datanomic has recently opened a US subsidiary - Datanomic Inc, a Delaware corporation with offices in New York City, New York - to serve the North American market. The company is also actively pursuing expansion throughout Europe, according to Datanomic's VP of Risk & Compliance Screening. "For quite some time now we have had companies using our screening software in USA, Russia, the Middle East, Asia and several countries in Africa. Our international expansion provides better, localised support for customers in those regions. We are also working with major partners and systems integrators globally to augment Datanomic's broad base of compliance screening knowledge and customer support."

Through its worldwide OEM agreement with IBM, Datanomic has tightly integrated dn:Director with IBM's Global Name Recognition (GNR) software, a product certified by the US Department of Homeland Security for advanced linguistic analysis.

In 2009, Datanomic was implemented by some of the world's largest banks, insurers, asset and wealth managers and other financial services institutions to reduce their global Compliance risk, and this pattern is now spreading to other industries. In addition, Datanomic's risk and compliance screening software has been adopted in several non-financial services industries that require stringent Know Your Customer (KYC) compliance requirements. In 2009, the company signed major new customers in the tobacco, diamond, parcel forwarding and courier industries for end-to-end supply chain screening as well as risk customer screening. The company forecasts an acceleration in the adoption of its technology across diverse industries facing ever increasing Anti-Money Laundering, Counter-Terrorist Financing, and Risk & Compliance requirements.
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