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.
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:
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.
Global Financial Crimes Leader