Have you faced a situation where something has triggered a large increase in screening alerts?
For example, an expansion of your business requires a new set of customers to be screened or maybe there has been a change in list provider or screening solution, or perhaps you have the requirement to rescreen your customers for adverse media or PEPs etc.
It is highly unlikely there will be the resource capacity to deal with spike in alerts. As a result, it can be extremely unnerving to be faced with a large set of unprocessed name matching alerts waiting to be worked. Could there be a sanctions match lurking in the pile or a new PEP which will require enhanced due diligence?
SQA Consulting has developed a new screening tool called the Eliminator. This takes your alerts, matches and reprocesses them, applying further logic and rules to eliminate vast quantities of false positives.
This following case study showcases how the Eliminator tool successfully reduced a back book of alerts, such that the client only had to manually review 2% of the alerts. The other 98% could be automatically closed as confirmed false positives.
A client was faced with a massive volume of name screening alerts, over 1 million matches, relating to Sanctions, PEPs and Adverse Media after an exercise to rescreen the client base was carried out. These needed to be processed and closed but this would not be possible manually.