How increased regulatory pressures persuaded a global provider of independent fiduciary services to upgrade from ad hoc to batch screening

About our Client

Our client is a leading global provider of independent fiduciary services to professional advisers, international corporate groups, and private clients.

Established in 1991, the business is now celebrating over 30 highly successful years and has steadily built a global network serviced by five offices located around the world.

Collectively, they provide a wide range of corporate services, including offshore company formation, trading structures, accounting, banking services, intellectual property, and consultancy.

In addition, they assist private individuals with an equally wide range of services, including wealth management, asset protection, succession and estate planning, trusts and foundations, private trust companies, family office, and immigration.

Our client takes great pride in all the work their people undertake and pays careful attention to quality and personal service.

The Challenge

The RiskScreen Team already had a strong ongoing relationship, having implemented the RiskScreen Core screening solution three years previously.

Armed with our entry-level solution, the open licence enabled compliance teams in every office to carry out the ad hoc screening of individuals and entities across global sanctions, politically exposed persons (PEPs), watch lists, and structured adverse media. All supported by the very latest information provided by leading data providers Dow Jones.

But recently, some of the jurisdictions that they operate in have been subjected to increased pressure from regulatory authorities.

As a result, there was an urgent need to improve the screening processes across every office to ensure that they were fully compliant at all times, regardless of their geographic location.

The compliance teams recognised that simple ad hoc screening alone was no longer capable of delivering the level of service that was now required.

While it enabled the compliance teams to accurately screen for risk on a given day, any future issues that might arise would only be flagged at the next scheduled screening.

Depending on the risk evaluation of the individual or entity in question, the next scheduled screening could be anything from a few months to a year, leaving huge gaps in the screening process during which any illicit activity would go undetected.

In addition, every time they needed to undertake a scheduled review of an existing customer, they had to screen them again from scratch, greatly adding to their overall workload

They urgently needed to find a cost-effective solution that would improve their screening processes, so once again they turned to RiskScreen for the answer.

The Solution

After evaluating the situation, it was immediately apparent that what our client required was an upgrade to the RiskScreen Batch screening solution.

RiskScreen Batch would not only enhance the functionality of the Core offering, but most importantly deliver the ability to automatically screen their entire customer database on a daily basis.

The upgrade would fill any gaps by screening for risk with reassuring regularity, while still enabling the compliance teams to carry out one-off screening when required.

Another important time-saving feature is the ability to eliminate the requirement to re-review matches. This is because once any matches have been identified and dealt with, the system automatically remembers them. Consequently, no further input is required until there is either a new match or an alert is sent out.

We also recommended that our client implement RiskScreen Hosted Batch, our SaaS screening option. This would enable users to upload names and metadata on both existing and prospective customers via our intuitive and laser-sharp web interface.

Furthermore, the implementation of our proprietary API technology would enable the full headless integration of RiskScreen Batch with our client’s customer relationship management (CRM) system.

This integration would be achieved through our RESTful API connection to provide a single source of truth for all users regardless of their location, resulting in greater efficiency and reduced compliance friction.

Additional benefits would include the consolidation of their tech stack and the removal of data silos to increase collaborative working.

Lastly, but by no means least, our client would reap the benefits of greatly improved AML risk governance.

As well as delivering full audit capture, RiskScreen Batch’s comprehensive reporting functionality would enable our client to extract real-time information on the performance of their different offices in the handling of daily screening results.

The Results

Our client was quick to see the many benefits of RiskScreen Batch and gave us the green light to proceed with the upgrade.

The RiskScreen Team worked closely with key members of their compliance teams throughout the implementation. This was to ensure that we fully understood all the challenges they faced, and that all users make the very most of the new functionality on offer.

Our client easily and seamlessly made the transition to RiskScreen Batch with no interruption to their ongoing compliance programme.

They are now reaping all the benefits of this best-of-breed tool, which was developed from hands-on experience gained from conducting regulatory investigations for some of the world’s most demanding organisations.

RiskScreen Batch has provided our client with a unique 3D risk-based approach that delivers up to a 95% reduction in false positives. Not only has the new solution helped every office to manage risk more efficiently, but it has also saved a huge amount of time across the entire organisation.

This intelligent solution not only allows our client to screen both individuals and entities on a daily basis, but also enables the compliance teams to continually update the data to further improve the accuracy of the results.

With RiskScreen Batch fully implemented, our client also has the opportunity to add the new live Adverse Media module, an automated early warning system that can help identify any negative news involving both individuals and entities. Through this targeted, open-source web search which utilises Google, Bing, and Bing News, they will be able to quickly identify any adverse media issues before they impact the business.

The upcoming roll-out of the additional functionality offered by our Business Unit module will enable each office to have greater control over their specific client list. While the new Internal Watch List module will offer the ability to set different internal watch lists for each office.

With RiskScreen Batch now securely positioned at the very heart of their compliance programme, we are pleased and proud to have once again helped a client achieve their compliance goals.

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