Routinely monitoring negative news is an important way for firms to comply with regulatory guidance and to manage financial crime risk. But existing screening technologies may need an upgrade.
Themis conducted a global industry survey for Dow Jones that was sent to over 3000 senior c-suite leaders. Survey respondents included tier one, two and three banks, but also include leaders in government departments and major professional services firms. The survey generated a genuinely global response; institutions in all major financial centers were represented.
Regulatory professionals revealed that they are overwhelmed by the volume of news alerts and false positives and are concerned about the integrity of information sources their solutions provide.
Adverse media screening can facilitate a reliable customer due diligence process and help keep regulatory risks at bay - but only if your firm is using trustworthy content.