Top National US Bank Achieves Excellence in PEP Screening with RDC

With the recently updated guidance from the Wolfsberg Group around Politically Exposed Persons (PEP), many financial institutions are taking a closer look at how they assess risk and screen this community.

Learn how using RDC’s PEP Connect database, and parameters around PEP Type, PEP Level and PEP Risk Score, enabled a bank to define a risk based approach to PEP screening that ultimately eliminated much of the ‘noise’ from the process. The results? A 94% decrease in alert rate, which allowed the bank to discontinue use of contingent staff, and refocus their internal team on strategic priorities.

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The Client: A large U.S. bank with multiple lines of business, including banking, investment, mortgage, trust and payment services, along with some international presence.

With the 2017 updated guidance from the Wolfsberg Group around Politically Exposed Persons, many financial institutions are taking a closer look at how they assess risk and screen this community.

Our client was experiencing a high alert rate, burying their current team and resulting in the engagement of contractors to handle the overflow. False positives were abundant, with matches not within the PEP definition of the bank, or not materially relevant enough to change the customers risk assessment.

Partnering with RDC

Using RDC’s PEP Connect database, and parameters around PEP Type, PEP Level and PEP Risk Score, the bank was able to define a risk based approach to PEP screening that ultimately eliminated much of the ‘noise’ from the process. RDC analysts were added for false positive review, removing a high percentage of the systematic matches.

Proven Results

As part of the initial business case, RDC performed a test on the clients data and showed a 94% decrease in alert rate, allowing the bank to discontinue use of contingent staff, and refocus their internal team on strategic priorities. Implementation of RDC’s solution included a remediation of their existing PEP portfolio, clearing a backlog of work and proving the efficiencies gained by a risk based approach to PEP screening.

Benefits of the RDC Solution

Robust Global Coverage
At over 9M+ profiles of risk-relevant individuals and organizations, RDC has the world’s largest risk compliance database. Covering sanctions and watch lists, PEPs, as well as global adverse media, RDC was able to provide this client with a single solution for screening all levels of Politically Exposed Persons (PEPS), and drastically reduce their alerts.

Global Consistency
By leveraging RDC’s platform, this client was able to define and manage the screening rules through a centralized function, ensuring consistency and compliance with the appropriate standards.

Transparency & Auditability
The RDC solution provides insights into the content added, all matches, analyst decisions, and other details, allowing clients to provide close oversight of the RDC performance as well as to confidently talk to internal auditors and regulators about their screening program and adherence to policies.