Facctum™, a risktech firm specialising in cloud-delivered enterprise danger decisioning expertise, right this moment declares the launch of FacctSet™, a brand new resolution designed to streamline watchlist administration for improved compliance outcomes.
FacctSet is the primary purpose-built product designed to handle the rising information administration challenges created by the speedy development of sanctions and AML compliance obligations.
Trendy screening processes require a shift in expertise to handle the rising pressures from evolving sanctions and anti-money laundering compliance obligations. Underneath this present atmosphere, Watchlist Administration (WLM) techniques are usually not solely struggling to make sure information is of the mandatory customary required for screening processes, however they’re additionally creating extra buyer friction and rising alert remediation prices. As monetary establishments shift to a risk-based strategy to screening, conventional approaches are additionally not able to delivering adequate ranges of customisation, particularly on the scale and complexity required to assist numerous watchlist companies for a number of screening situations.
In response to those rising challenges, Facctum has developed FacctSet as a WLM system that gives the operational capability to handle complicated, quickly altering and enormous scale watchlist information. With FacctSet, establishments can create and keep inner block or go lists, in addition to customise industrial watchlist information to create a number of companies for risk-based strategy screening. Analytics dashboards present important operational insights and reporting options supply clear and explainable info for regulatory reporting.
KK Gupta, founder and CEO of Facctum notes, “The expansion in watchlist information sources, complexity and quantity, along with a excessive velocity of regulatory change, is pushing watchlist administration techniques to the boundaries of operational capability and functionality. With FacctSet, we’re bringing watchlist administration into a brand new period that not solely addresses the present challenges, however seems forward to supply sooner pace to compliance and extra environment friendly operations for an improved buyer expertise.
“After conversations with shoppers and people within the monetary house, we noticed there was an pressing want for efficient sanctions and anti-money laundering compliance screening, with companies discovering it more and more troublesome to maintain tempo with regulatory expectations. Firms want the best expertise that permits for the next stage of customisation, scale, capability and functionality, all of which FacctSet can present in a unified platform with constant governance and reporting. FacctSet is an instance of how a brand new strategy to implementing information expertise can result in sooner, more practical compliance and buyer expertise.”
FacctSet is the second product launched by Facctum this 12 months, following FacctView which gives a cloud-first screening functionality for monetary crime danger screening. FacctSet is designed for SaaS or as an on-premises resolution. For additional info on FacctSet go to: FacctSet – Facctum