Datanomic Unveils New Strategic Client Screening Division

Data quality specialists Datanomic today announced the unveiling of the company’s new strategic ‘Client Screening Division’ to directly address the ‘Know Your Customer’ data challenges faced by customers on a daily basis. Following on from a recent partnership with leading global provider of structured risk intelligence, World-Check, the new screening practice has been set up to negate the business pain points and address the regulatory risks associated with data screening, and provides customers with an accurate and automated foundation for mitigating risk when screening client records.

Compromised data exposes organisations to operational, financial and reputational risk.Business decisions based on inaccurate information lead to unnecessary costs and missed revenue opportunities. Businesses that rise to the challenges of effective information management reap the rewards of reduced operational costs and the ability to exploit new business opportunities with increased confidence.

Headed up by Simon Pearson, Director of Client Screening, who will report directly to CEO, Jonathan Pell, the proposition utilises the technological expertise of Datanomic’s ‘Sanctions/PEP Screening’ solution which drastically reduces false positive rates and is designed for ease of use by non-technical users. The template, which is fully compatible with World-Check’s highly-structured database, enables users to define how closely any two records match. Standard comparisons are pre-configured but can be edited, removed or new ones added in a risk-based approach.

Regulatory initiatives, such as Basel II, MiFID and the 3rd EU Money Laundering Directive, placed stringent information management requirements on Financial Services organisations, but now these challenges are being faced across all industries. Money Laundering Reporting Officers (MLROs) face increasing ‘Know Your Customer’ challenges. The scale, complexity and cost of screening customers against published sanctions lists (‘Watch Lists’) and named PEP lists is becoming a major administrative burden for compliance departments. The legal requirement to continually and accurately screen their customer base presents organisations with new operational challenges. Traditional matching methods require a smarter, more sophisticated approach.

“Our decision to open the new division is on the back of the increasing success that we’ve seen within the financial services sector over the last 18 months and is in answer to customer demand from other industry sectors,” noted Jonathan Pell, CEO, Datanomic. “By taking client screening to other industries and introducing additional innovations to our solution set, Datanomic enables organisations to focus on the greatest areas of operational risk to the business.”

Datanomic will be joining World-Check on 14th December at The Savoy, London, for a half-day afternoon seminar for MLRO’s and compliance officers focusing on the ‘Emerging Threats facing EU MLRO’s and Compliance Officers in 2008’. Simon Pearson, Director of Client Screening, will discuss ‘Automated Client Screening is easy with the right tools’.