Norkom Technologies has launched its Norkom Watch List Smart Update, a new analytic process designed to drive down false positive rates in the detection of financial crime, resulting in significant cost and time savings for leading financial institutions without increasing the risks of missing an important match.
Tested against more than 200 actual regulatory lists and a range of global sanctions and Politically Exposed Persons (PEP) lists, spanning a six-year period from 2004 to 2009, Norkom found that with Smart Update financial institutions can reduce match and alert volumes consistently by between 20–40% without risking any reduction in match quality. This means a:
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