We at PwC have taken our rich experience with sanctions testing and built an easy to use Sanctions Testing App that accelerates the testing process. We use this web-based App on client engagements, and also offer it to our clients as a service, so they can use it to test their screening system whenever they want.
Financial institutions need to understand their sanctions screening filter performance in order to identify the level of risk that they face.
Ability to continuously test the filter on real sanctioned names gives them the understanding on their risk and exposure.
Test results allow the institution to perform filter optimization to increase its operational and screening effectiveness while still understanding the impact of the changes on filter’s ability to stop sanctioned terms.
1Design your own test case that includes all the relevant lists, entity types and fuzzy algorithms
2Generate test data containing sanctioned terms in required transaction and customer formats
3Process the test data through your sanctions filter and upload the screening results to the app
4Understand the performance of you filter and it’s KPIs through multiple dimensions
5Take actions on identified issues and retest the filter to validate the impact
Using our App provides you with a controlled environment and process to help you streamline your sanctions testing. You can rerun your predefined test cases, refresh them with the latest sanctioned data and review and compare your test results.
Through the use of our tool, we were able to bring value by identifying many different problems that occurred in the tested sanctions screening system, such as: