Often overlooked by even the most risk adverse organisations, adverse media screening is now playing an increasingly vital role in mitigating potential risk.
Also known as media monitoring or negative news screening, adverse media screening reveals the involvement of individuals and entities with a variety of wrongdoings. Bribery, corruption, fraud, terrorism, modern slavery, cybercrime, and environmental crime are all examples of offences that might need to be considered when monitoring a company or individual.
Having links to a client, distributor, intermediary, or supplier who is involved in any of the above can pose a serious threat. It’s not just that it can lead to legal and regulatory proceedings, it can cause irreparable damage to your organisation’s reputation.
Regulatory bodies and institutions across the world are now emphasising the importance of mitigating risks through adverse media screening. The EU’s 6th Anti Money Laundering Directive, the Financial Action Task Force (FATF) and the UK’s Financial Conduct Authority have all called for enhanced due diligence in this area.
As a result, adverse media screening can now assist in playing an important role in ensuring future compliance and to provide your organisation with an early warning monitoring system for potential risk.
New Live Adverse Media Module now available in RiskScreen Hosted Batch
RiskScreen customers have always been able to conduct adverse media searches as part of ad hoc AML screening with RiskScreen Core. Now you can access the same functionality, fully integrated within our batch screening solutions with the option of a bulk import which allows for large volumes of records to be screened at once and automated repeat screening as often as required.
RiskScreen has long realised the importance of screening against adverse media and consequently has invested resources into improving this functionality across our product range.
It has been driven by the fact that there are certain types of events that fall outside of the inclusion criteria defined by data providers who supply sanctions, PEPs and watch-list data. By utilising additional open-source web data for adverse media, we are now able to offer our customers an even more comprehensive view of risk.
As a result, if you aren’t screening against live adverse media, you could be missing out on a litany of reputational risk issues that are directly related to an individual or entity with whom you are conducting or wishing to conduct business with.
Why you should employ RiskScreen’s Adverse Media Module
While screening for adverse media can be conducted manually, it is time-consuming and often produces limited or questionable results. And while batch screening helps evaluate and identify the most relevant content in a quick and cost-effective manner, as with any data-driven technology, it’s only as good as the data that drives it.
With RiskScreen Adverse Media Module, you have at your disposal a comprehensive process that draws upon the world’s up-to-the-minute data and then automatically screens both individuals and entities for risk, based on frequency variables that you choose. As with all our screening products, it also brings with it our proprietary and unique 3D risk-based approach as standard.
Most importantly, it enables you to conduct live adverse media searches against individuals and entities, adding an additional layer to the broader customer due diligence (CDD) policy and meet regulatory requirements while mitigating reputational risk.
Some of the benefits include:
- Delivers a targeted, open-source web search to quickly and easily identify any adverse media issues before they potentially impact your organisation
- Searches can be conducted either on an individual basis, or via a bulk import which allows for large volumes of records to be screened at once
- Allows for screening to be updated automatically, as often as required, to enable you to stay on top of developing stories and new emerging threats
- Simple, intuitive, and user-friendly interface for ease of navigation and clarity of results
- Consolidated reporting available, with full audit trail
- Ability to initiate a search via API, and to handle the results in another application if required
If you’re an existing RiskScreen customer please contact your customer success manager to learn more about this upgrade.