Accuity

False Positive Reduction business assessment

Fine-tune your existing caution list screening program to minimize false positives and maximize its efficiency.

Our subject matter experts can review your screening processes and provide a gap analysis which clearly outlines ways to reduce unnecessary false positives.  Implementing the recommended changes will streamline your processes, reduce the number of false matches, and allow you to focus on true matches.

Identifying cost and time saving measures

To identify ways for reducing the time and cost involved in your current false positive review program, Accuity’s Professional Services Group (PSG) will meet with the key operational and compliance employees involved in your screening processes to review:

• Applications, databases and data sources that generate the information currently being screened.
• A statistical review of screening matches.
• An analysis of false positive and technical rules and their impacts on the overall match rates.

After this review and analysis, Accuity will offer written, actionable recommendations to help you deliver a reduction in overall disposition time for account screening and improved back office productivity. As part of the analysis Accuity will provide you with:

• Documented alternative false positive reduction techniques.
• False Positive rules.
• A closeout report and PowerPoint presentation showing Accuity’s analysis and review.
• Next steps on how Accuity can help implement proposed solutions within your organization.

Working with an established partner

Accuity has been able to provide our clients with significant savings and efficiencies by improving processes and reducing false positives hit rates:

• A large U.S. Regional Bank saw a reduction of false positives by more than 70% after 150 recommended rules were implemented. 
• A European Bank saw a reduction of false positives by 55% with the deployment of 75 new rules and implementation of more efficient processes.
• A Tier 1 Global Investment Bank experienced a reduction in false positives of more than 60% following a two-phase engagement.

Global presence, local performance

Accuity’s Professional Services Group provides services and solutions for clients around the globe by delivering local presence and subject matter expertise. We have recently helped banks and corporates in the following locations:

Complete the form on the right of this page for more information on our False Positive Reduction services.

Screening Alert Report Service

A bi-weekly consolidated list of the latest updates from regulatory agencies.

• Keep up-to-date with the latest regulatory lists

• Minimize the number of false positive hits

• Reduce operational costs 

• Optimize valuable resources

The Screening Alert Report Service provides a bi-weekly consolidated list of the latest updates from OFAC, the EU, HM Treasury and various other regulatory agencies, as well as an in-depth analysis of the new or changed listings. As part of this analysis, Accuity will point out matching phrases (Stop Descriptors) that are more likely to produce increased numbers of matches, and recommend False Positive Rules to specifically address these items. These rules will help clients to prevent a significant increase in hits in their screening solution, ensuring consistent operational performance.

Consolidated report on the latest changes of regulatory lists

Regulatory agencies are updating their lists on a more frequent basis. For example, OFAC issued 69 updates to their OFAC SDN list in 2008. Each update itself can add several to several dozen new entities onto the SDN list. Accuity has added 6,374 new entities in the OFAC list alone, a growth of 31% in 2008. Other regulatory agencies as well add new entities on a periodic basis. The UN list, for example, was updated 40 times in 2008. These combined periodic updates can create potential hits if the screening solution does not take these new entities into account. Subscribers to Accuity’s Screening Alert Report receive these updates bi-weekly. If updates from regulatory agencies are provided more frequently than this report schedule, Accuity will consolidate these updates into a single report.

Customizing rules within screening solutions

After collecting and reviewing updates from OFAC, the EU, HM Treasury and various other regulatory agencies, our editorial team reviews the various entities added and then creates the appropriate stop descriptors to be added to Accuity’s Global Watch List (GWL). Subscribers to the GWL can access the revised list in order to update their screening system accordingly. As part of the Screening Alert report, Accuity will analyze the recent actions and provide commentary on the various entities and corresponding new stop descriptors. Accuity will recommend rules that can be entered into your screening solution. Other recommendations, as appropriate, will also be provided. The bi-weekly report is delivered via e-mail in a PDF format directly to subscribers, who can then create the appropriate rules.

Reducing operational costs and increases efficiency

By reducing the false positives, these rules will help clients to prevent a significant increase in hits in their screening solution, ensuring consistent, and efficient operational performance. 

Complete the form on the right of this page for more information.