FCC Trends & Strategy
Name one trend in FCC for 2019
•Overall reduction in size and number of lookbacks
•Increased market demand for visualization and risk-scored output
•Attention to measuring efficiency and effectiveness
•Investment in human resources dedicated to automation, technology, and innovation
•Desire for fewer vendor/provider relationships
•Movement of budgets away from Compliance and into Compliance Operations, Central Procurement, or even outsourced to consultants
What is the future of Sanctions Screening?
Digital Sanctions
Name one reason why clients buy professional services
-Clients lack sufficient resources
-Clients lack sufficient subject matter expertise
-Clients lack both sufficient resources and relevant subject matter expertise
-Regulatory mandate
What rule is the Sanctions Ownership or Control content in World Compliance designed to comply with?
OFAC 50% Rule
What are the three components of the Due Diligence Product Suite?
•Due Diligence Attributes (Business & Person)
•Due Diligence Business Report
•Due Diligence Person Report
Name a use case for US Citizenship Score
•Reduces “Requests for Information”
•Enhances customer risk rating processes
•Increases accuracy and effectiveness in identifying foreign individuals
What is the overarching FCC Strategy for 2019?
Expand best in-class point solutions to holistic offerings in markets we can address globally
What product offering utilizes supervised machine learning?
False Positive Reduction (FPR)
Name an area that is part of a "great fit" for professional services
The Shoulders - Risk Assessments
The Collar - System Design & Data Quality Assessments
The Midsection - Tuning Methodology
The Sleeve Length - Tuning Analysis
The Pants Length - Adjudication Procedures
Expose your Socks – It is ok to highlight the shortcoming but provide a solution.
Sanctions Ownership Content in WorldCompliance covers entities in what three lists?
•OFAC SDN (including Russia, Iran, North Korea) and any other Executive Orders administered by OFAC (e.g. EO 13662 – Sectoral Sanctions Identifications)
•EU Consolidated List
•HM Treasury Consolidated List (UK)
Name one industry driver that will increase interest in the Due Diligence Product Suite?
-FinCEN Rule on Customer Due Diligence
-Regulators want depository institutions to explore innovative approaches and "will not result in additional regulatory expectations"
-Guidance saying banks will not be penalized as long as they can demonstrate they are exercising a thoughtful and effective approach to improvements
What are the ranges for the score?
300 to 999
Name one of the 5 strategy objectives
1.Close critical capability gaps to address both market need and to address utility opportunities
2.Provide digital sanctions risk solutions, combining global FCC and ThreatMetrix capabilities
3.Scale professional services for core products/solutions to enhance deployment effectiveness, customer satisfaction and retention
4.Evolve screening and portal solutions to be more capable as third party integrator/analytics firms advance marketplace expectations.
5.Expand Anti-Bribery & Corruption (ABC) use case through content and market specific products and content
At what stage of development are we with FPR?
•Proof of concept (MVP) stage
•Defining product and service offering
•Defining GTM actions
•Custom and Flagship Model development and/or implementation options
Name a question or statement you would use in getting a "perfect fit"
Key Questions to Ask
-What’s your implementation strategy?
-Are you using 3rd Party implementation services or performing all of the work solely with internal resources?
-Would you like to speak with one of our practitioners to gain some insight into what our clients do to successfully implement Bridger?
A Matter of Fact Statement During Product Discussions - Let’s talk about the implementation plan, scope and fees.
Explaining the Change in Our Business - We’ve added professional services to our service offering to provide our customers a better experience and level the playing field on scheduling / prioritization of projects between large and small clients
At what percentage do we start collecting ownership data?
•Ownership percentages from 10% (smaller percentages also included when the information is found)
Name one notable enhancement in the Due Diligence Product Suite
-Addition of T/F Flags for each index level
-Enhanced Legal Data Breakout
-LexID with output
-More accurate data, better attributes, and better index levels
What does the score mean?
300 provides the highest evidence the identity is a US noncitizen and a 999 provides the highest evidence the identity is a US citizen.
Name one key priority to execute on the strategy
1.Position offerings as end-to-end solutions
2.Close KYC and transaction monitoring gaps
3.Evolve Professional Services strategy to permit scale offering
4.Develop and launch False Positive Reduction Model
5.Address geographic restrictions and customer preferences with cloud services
6.Enable WorldCompliance OST and federated searches through AML Insight
7.Deploy SOE and develop sanctions ownership content
8.Leverage ThreatMetrix in FCC
What does RPA stand for?
Robotic Process Automation
Who do you engage for Professional Services opportunities?
Kevin Clark
In what versions of Bridger is Sanctions Ownership or Control available?
Bridger Insight XG 4.x and Bridger Insight XG 5.x
Name one process or workflow that can be enhanced with DDPS
CDD, EDD, onboarding, and remediation
What is returned in addition to the score?
27 Identity Indicators