Traditional approaches to adverse media checks are no longer fit for purpose. Simply searching a name in proximity to a negative term is flawed:
- How can you be confident the adverse reference is about your client?
- Is the reference about your client but it is actually benign when looked at in context?
- Is the reference referring to another company or person in the article?
Such approaches not only lack precision, but also intelligence:
- Are all of these articles saying the same thing, and what you know already?
- If they are, wouldn’t you rather be told first what you need to know rather than wade through each article?
- Can you have the same confidence in conducting adverse media checks in a foreign language as you do in your native language?
The shortcomings of traditional adverse media tools result in inefficiency, frustration and a lack of confidence in the work done. In contrast, smartKYC’s semantic search and media analysis platform results in faster, better and more cost-effective KYC:
- 1000s of news articles from all client-defined sources (e.g. web and media archives) are machine-read and analysed for relevance in minutes, and always in real time.
- Factual intelligence is extracted from all the documents so that the KYC analyst can prioritise the facts first rather than having to read every document.
- Overnight batch processes can be run for larger volumes.
- All hits are scored for relevance based on a match with all identifying attributes, not just a name, thereby reducing false positives.
- Every potentially relevant document, from all sources, is read rather than only the first handful of results – nothing is missed and results are always live, never curated.
- smartKYC is a multilingual tool. It is optimised language-by-language to give you the same confidence in Russian, Arabic and Traditional Chinese for example as in English or German. Language should never be a barrier.
More cost-effective because:
- Less human effort needs to be spent on laborious and time consuming research
- Getting it ‘right first time’ will likely mean less requirement for expensive remediation exercises.
- Straight-through-processing aspirations, like robo-onboarding, become a reality.