More and more, financial institutions compliance and control functions are being asked by business and regulators to search through mountains of account and transaction information for certain individuals, entities, and/or sanctioned jurisdictions. This is easier asked than done.
The effectiveness of these searches depends on the quality of source and target data, text matching and suppression capabilities and overall scoring models of the underlying searching software that is used. Additionally, each process, whether it be sanctions screening, client screening, or creating a single view of the customer, has its own requirements, nuances and tolerances including the balance between false positives and false negatives, processing speed, accuracy, batch/one-time/real-time, and timeliness of results. Failure to balance these complexities can result in processes that are difficult to execute, inefficient and potentially ineffective.
How PwC can help
PwC understands how challenging data matching exercises can be. Our team of data, technology, business and regulatory subject matter specialists have devised tools to evaluate and increase the effectiveness of Name and Entity Matching that are tailored to the specific matching process needs (e.g. OFAC wire monitoring, 314a, etc). Our tools include:
A process for assessing matching technology, source/target data quality and treatment of account and transaction feeds
Data preparation and suppression procedures that improve the matching process
Text matching methods that range from simple (e.g. exact) to complex fuzzy (e.g. threshold for misspellings)
Scoring process and model that classify the likelihood of a false positive
Listing of industry tools and technologies that can be used to execute different matching processes
An inventory of over 40 different global public sources of lists that contain prohibited countries or criminal persons (e.g. EU Freeze List), lists that contain low risk entities or attributes (e.g. Business Week Global 1000), and lists that contain entities or jurisdictions that are potentially high risk (e.g. Corruption Perceptions Index)
Whether your organization is struggling with creating a single view of the customer or simply wants to enhance legally-required client screening , our tools can help you improve and build more efficient, effective and sustainable processes.