LexisNexis Risk Solutions unveiled today its new platform for delivering data products through its popular Risk Management and AML Solutions portals. Banks, retailers, e-commerce and telecommunications companies now have next-generation tools that are designed to standardize, thus simplify, the way anti-money laundering (AML) and fraud investigations are conducted and alerts remediated.
Dan Wager, vice president, global financial crime compliance, LexisNexis Risk Solutions, said, “We spent weeks with customers of all sizes and in all industries to understand their pain points. With their guidance in product development and testing, we are now bringing to market tools that are intuitive, easy-to-use and speed up the process to run investigations and remediate alerts while at the same time improving the onboarding experience of new customers.”
One of the drivers negatively impacting compliance department efficiency is the high attrition rate of AML analysts and fraud investigators. Organizations are often challenged to on-board and train rapidly new analysts so that they master proficiency quickly in the investigative functions. The new platform addresses this problem by enabling teams to standardize the investigative tasks, which accelerates the learning curve and removes inconsistencies amongst analysts. The map is already defined for them, making their job easier and more satisfying because they will be able to make better and quicker decisions than ever before.
The new LexisNexis Risk Solutions platform and user interface ensures better usability and navigation than what is currently available and reports are easy to read and understand. Wager noted, “Companies could see a boost to their through-put because their staff will be able to clear more cases in less time.”
Sanctions regulations continue to increase in complexity, which means the scope and demand for analysts continues to shift and become increasingly taxing. Chief compliance officers tell us that it is difficult to find and hire experienced analysts who can fulfill those functions. Analyst onboarding typically takes between eight to 12 weeks before analysts gain proficiency in the process. With the new LexisNexis Risk Solutions enhancements, companies turn more of the traditional training and onboarding times into full productivity.
“The portals provide a new level of flexibility that enables our clients to adapt easily to evolving challenges while staying focused on promoting a seamless experience for their own customers,” said Carlos Garcia Pavia, director, financial crime compliance, LexisNexis Risk Solutions.
About LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta, USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group plc, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexis.com/risk.
