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Improved Screening Accuracy at Version 5 of dn:Director

Datanomic : 09 June, 2010  (New Product)
Datanomic has upgraded its Risk and Compliance Screening software for greater protection against fraud in global markets
Datanomic has announced the availability of Version 5 of its Risk & Compliance Screening solution, dn:Director for Sanctions & Politically Exposed Persons (PEP) Screening, which delivers significantly improved operational efficiency and effectiveness, providing increased cost savings and greater protection for customers.

The continuing instability in global financial markets is increasing the pressure on organizations to minimize commercial risk whilst still increasing profits. This commercial imperative is forcing Heads of Compliance and Chief Risk Officers to scrutinize all aspects of their operations, to increase compliance protection, reduce overheads and improve performance. Version 5's new capabilities will allow them to both improve screening efficiency by delivering faster routing and collaborative resolution of potential matches, and also to be more effective by improving screening accuracy and using risk ranking to prioritize the greatest threats to the organization.

Responding to the increasingly global financial crime and terrorism threats and reflecting Datanomic's enterprise deployments by international organizations such as Barclays Plc, Version 5 also includes new abilities specifically designed to assist multi-region businesses, such as transliteration of customer and list data from 45 different international alphabets.

"The ever-evolving threat from terrorists, money launderers and other criminals places increasing resource demands on Compliance teams, especially at a time when pressures are high to reduce costs and improve efficiency," said Dr Jonathan Pell, CEO of Datanomic. "Already renowned for market-leading accuracy across a broad portfolio of risks, we're focusing our development efforts on helping customers streamline their processes - achieving more with less. The new enhancements in Version 5 allow Compliance teams to quickly resolve low-risk matches and focus their expertise on reviewing more significant threats. Our combination of advanced issue allocation and integrated case management offer faster reviews and reduced manual workload, whilst fostering greater internal collaboration and access."

Version 5's enhancements include Combined Risk & Match Scoring, enabling firms to automatically assign a review priority score to matches, with configurability options based on their own appetite for risk. To optimize efficiency, the highly flexible Case Management system offers customizable workflows, automated escalation procedures and comprehensive reporting with up-to-the-minute tracking of every case. Version 5 also intercepts and aggregates duplicate potential matches to minimize review workload

Thanks to its Advanced Workflow Management, Version 5 enables automatic escalation, status updates or assignment to review teams with specific expertise, based on extensively configurable criteria such as the severity of the alert generated, or the level of confidentiality of the client's data. Version 5 also provides a simplified Real-Time Screening User Interface, which ensures that counter and call-centre staff are able to perform initial screens themselves, thereby reducing the low-risk, time consuming burden on Compliance teams, and the time required to on-board new customers.

A key feature of Version 5 is the ability to comprehensively transliterate data from up to 45 different alphabets to be matched against the government and commercial watch lists. The solution includes the ability to integrate with third-party products which contain reference data for 'advanced linguistic and cultural analysis,' such as IBM's GNR which has extensive libraries of international name equivalencies.
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