Client Overview
A global asset management firm operating in nearly 30 countries and with assets under management of approximately US $200 billion.
Business Challenge
The client was struggling with an unfeasibly high false-positive rate when screening against adverse media due to the data structure of their incumbent provider. With a requirement to seamlessly screen for both regulatory and reputational risks, the client’s inability to focus client screening on only the risk relevant to the business was swamping their team in false positives. This workload proved unmanageable for the current team and detracting efforts from the real risks facing the business.
Solution Highlights
- After a thorough evaluation of RDC alongside two well-established and market-leading providers, led by their UK operations, the client opted for RDC Review.
- This solution, coupled with the granularity of RDC’s adverse media data enabled the client to explicitly configure their screening parameters to reflect the risk relevant to them.
- Experienced analysts worked as an extension of the client’s internal compliance team and significantly cut down workload by conducting false positive and materiality reviews, all tailored to the client’s rules. With minimal implementation, the client was able to quickly integrate compliance screening into their business.
- Efficiency gains were made with a fully managed workflow, and the client found that RDC delivers a more relevant and comprehensive view of the specific risks the business faces for optimal levels of protection.
Benefits
- Provided configurable screening parameters and experienced analysts to reduce workload and focus on relevant risk
- Experienced minimal disruption in replacing the incumbent and a significant reduction in false positives due to the ability to precisely configure RDC’s screening engine to meet their specific risk profile
- The client was able to define and manage the screening rules through a centralized function, ensuring consistency and compliance with the appropriate global standards
- Provides insights into the content added, all matches, analyst decisions, and other details, allowing clients to provide close oversight of the RDC performance as well as to confidently talk to internal auditors and regulators about their screening program and adherence to policies
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