Organizations are continually challenged to improve their due diligence programs. Regulators are increasing the pressure on organizations to extend AML/KYC screenings by improving insight into all customer segments, including low risk groups like retail customers and third party providers. This is a high bar for compliance officers, expecting exhaustive screening for risks against all relevant information. Not meeting these targets can lead to fines and penalties, as well as increased business and reputational risk. Regardless of industry, compliance screening and risk management processes generate workload for internal teams to manage. Exhaustively screening for risk relevant information can lead to overwhelming volumes of false positives and immaterial alerts. Employing less stringent methods of screening may result in high profile misses and potential reputational risk management issues.
Hobson & Company, a research firm focused on Return on Investment (ROI) and Total Cost of Ownership (TCO) studies, worked with RDC to explore these challenges. The goal of this white paper is to highlight examples of operational and business benefits that can be realized with a comprehensive due diligence solution. Research consisting of in-depth interviews with existing customers found that RDC’s solutions addressed customer challenges and delivered measurable results and a compelling return on investment.
The Whitepaper Discusses the Due Diligence Challenges Faced by Many Organizations:
- Reducing the number of false positives and irrelevant alerts
- Increasing the frequency with which existing customers/names are monitored
- Reducing the risk of fines/penalties for insufficient due diligence programs
- Expanding the number of names screened without significant added staff time