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News

Partnership Brings Risk Scoring To PEP Screening Solution

Datanomic : 15 July, 2010  (Company News)
Datanomic and Safe Banking Systems cooperate to bring wider functionality to the banking industry's requirements for risk and compliance screening, scoring and fraud prevention
Risk & Compliance Screening and Data Management specialist, Datanomic, has signed a technology integration partnership with Safe Banking Systems (SBS), to further extend the risk scoring and Know Your Customer (KYC) capabilities in its award-winning dn:Director for Sanctions & PEP Screening solution.

Datanomic's customers will now have the ability to include SBS' SAFE Exposure Index, a powerful risk and exposure ranking of PEPs and high-risk entities using a patent pending methodology. SAFE Exposure Index is an optional add-on solution for Datanomic customers that prioritises the relative sensitivity of risk matches using contextual data such as the nature, category, global reach and country of origin of the risk under investigation.

Also available to Datanomic customers is SAFE View, SBS' comprehensive research tool, which provides detailed profiles with an immediate snapshot of all links, related entities and information, and SAFE Audit Reports, an archive of all changes and bulletins to global sanctions lists, such as OFAC, EU, DFAT and US State Dept, providing clients with a complete "point in time" record of sanction lists going back to the year 2000. SAFE View and SAFE Audit Reports are valuable tools that facilitate efficient alert investigation and research functions.

"Safe Banking Systems leads the industry in terms of analysing PEP lists and risk data sources to identify links between suspicious individuals," said Simon Pearson, Vice President of Risk & Compliance Screening at Datanomic. "SBS' technology complements Datanomic's Sanctions and PEP Screening software by adding an extra dimension of risk scoring through entity resolution, which identifies and links prominent and notorious entities and risk ranks them based on their relative political and criminal exposure. SBS' Exposure Index uses mathematically based logic and a broad range of factors such as risk category, country, relative exposure, relationships and context to provide a better understanding of the relative severity of a hit. SBS' methodology complements Datanomic's own sophisticated risk scoring capabilities for those organisations who wish to go even further in prioritising relative risk scoring."

Whilst Government watch lists and commercial data providers offer broad coverage of PEPs and other high-risk customers, the lack of prioritisation according to severity score within those lists causes regulated organisations problems when determining which cases to investigate first. For example, investigating a case for a terrorist in Pakistan is of much higher priority than investigating a lower risk hit such as a PEP in Luxembourg.

"SBS has a long and successful history in this industry," added Pearson. "Now the benefits of SBS' innovative solutions are available to Datanomic customers."

David Schiffer, Founder and President of Safe Banking Systems added, "We are excited to be working with Datanomic. Their dn:Director Sanctions and PEP Screening software combined with our SAFE Exposure Index, SAFE View and SAFE Audit Reports, offer customers a powerful solution to rigorously and systematically identify heightened-risk entities within vast customer databases. Our integrated approach to managing risk provides organisations with the sophisticated tools and solutions needed to meet the challenges of global compliance screening, KYC and EDD."
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