Risk & Compliance Solutions | FinScan | Innovative Systems

Risk & Compliance

Manage risks with accuracy.

Efficient and effective risk management and regulatory compliance starts with the ability to easily access the most accurate and timely information. The more and better information an organization has about its customers and their relationships – on both an individual and business level – the better it will be at determining the level of risk customers represent. Also, having an accurate view of the aggregate risk at the enterprise level enables more efficient capital planning and better compliance with the latest regulations.

For example, organizations can more effectively manage risk and reduce losses by having a more comprehensive understanding of a customer's financial condition and their potential for default, based on their commitments and associations with other entities. Having the right information also helps prohibit fraudulent activity and reduce exposure to losses from customers who skip out without paying their bills.

Similarly, organizations need to comply with numerous Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) legislation, including Sanctions and Politically Exposed Persons (PEP) programs, Know Your Customer/Customer Information Programs (KYC/CIP), and due diligence efforts.

Innovative Systems' Approach

Our approach to risk management and compliance allows organizations to:

  • Make more reliable assessments of a customer's potential risk based on a comprehensive understanding of all of their financial connections and commitments across lines of business, as well as through integration with external data sources.

  • Enable more complete and accurate aggregation of risk data across the enterprise for timely business decisions, and efficient compliance with various regulations including Basel II and III, BCBS 239, and Solvency II.

  • Minimize credit loss by being able to better determine when a default by one customer signals a possible default by others through identification of extended relationships or networks.

  • Reduce exposure to losses from customers inclined to avoid paying their bills and (if necessary) track them down using family, employment, and other relationships.

  • Flag alias names and other clues that might help prevent fraud.

  • Screen customers, partners, and associates against international databases of sanctioned or high-risk individuals.

  • Comply with international Know Your Customer (KYC) programs.

Achieve higher data accuracy to
minimize risks & losses.

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