Specialist lender, Shawbrook Bank explains how it has used LexisNexis® Bridger Insight® XG across its business to improve consistency of data for the purpose of PEP and Sanction screening.
Consistency of data is a strong strategic objective for specialist lender, Shawbrook Bank. The savings and lending institution uses the LexisNexis® Risk Solutions’ Bridger Insight® XG product across its business to help them take the appropriate risk mitigation actions.
Founded in 2011, Shawbrook Bank has successfully grown and differentiated itself in a crowded market at a time when competition is fierce. The company has grown very quickly both organically and through mergers, which required the consolidation of a lot of different systems. LexisNexis Risk Solutions collaborated with Shawbrook Bank to help them achieve this consistency through a single PEP and sanctions solution.
“Striking a balance between ensuring that customer experience remains at the heart of Shawbrook Bank’s offering, whilst also meeting our compliance obligations is a constant focus that takes hard work and dedication,” said a programme manager at the firm.
Through the implementation of a consistent PEP and sanctions screening data source across the business, Bridger Insight XG has enabled Shawbrook Bank to further enhance their awareness around their clients and linked entities, to help them take appropriate risk mitigation actions. “If we didn’t take this approach, we could conceivably see a situation where the same customer has different risk profiles across various parts of the business, due to different tools and data sources being used. Our goal was the consistency that a universal system provides – LexisNexis Risk Solutions were willing and able to work with us to help Shawbrook Bank achieve this,” he says.
“It now takes just a few seconds, compared to minutes previously, to confirm or discount a positive match” – Shawbrook Bank
The feedback from the operational team is convincing: “it now takes just a few seconds, compared to minutes previously, to confirm or discount a positive match. The ability to easily configure the platform without having to write code, or go through complex change processes has been of huge benefit.”
For a fast growing bank like Shawbrook, having the right tools for the job is essential to ensure it can continue to robustly defend against financial crime and fraud.
The flexibility of the Bridger Insight XG product has successfully helped the organisation maintain full control and visibility across their compliance workflow. “We set it up so that if there is an alert, and it’s a real alert, it goes to a second line financial crime escalation point. Obviously there is nothing wrong with giving a loan to someone who has a PEP, we just need to know about it, so we can assess the risk,” the team adds.
People are the life force of the business at Shawbrook, and the bank’s preference for relying on human beings, rather than computers, when making decisions means that the flexibility and support offered by Bridger Insight XG is paramount.