Thomson Reuters enhances World-Check One platform with AI
Posted: 16 May 2018 | Source: Thomson Reuters
Thomson Reuters has enhanced its World-Check One platform with the launch of Media Check, a unique media screening and processing feature powered by artificial intelligence (AI) that helps address the regulatory and reputational consequences of overlooking key data in the fight against financial crime. Media Check’s machine learning capability increases efficiency by filtering unstructured content from over 11,000 global print and web sources, giving financial institutions more accurate and relevant data faster.
Thomson Reuters is committed to innovative solutions to assist its customers in the global fight against financial crime, and alleviate the considerable challenges associated with risk screening.
“Institutions need to digest an increasing amount of relevant information to help prevent financial crime. The next-generation AI technology in Media Check lets them navigate this crowded environment to help comply with regulatory and other requirements and avoid the reputational risk of missing critical information that could result in criminal activity,” said Phil Cotter, Managing Director, Risk Segment, Thomson Reuters. “Adding a machine learning dimension to our World-Check One platform gives clients an exceptional means to help pinpoint the most relevant media information, thereby maximizing the efficiency of their due-diligence processes."
World-Check One’s Media Check has many benefits that include enhanced compliance workflow, and the assurance that only relevant content is presented to compliance professionals. This is achieved through intelligent searching, a unique AML taxonomy informed by 15 years of industry leading World-Check experience, and machine learning algorithms honed by the World-Check research team. The result is a reduction in false positives and improved content navigation leading to better and more informed decision-making. Media Check also provides continuous, up-to-date media and data monitoring.
For more information on World-Check One’s new Media Check offering, please visit here.
Since its inception in 2014, World-Check One has been at the forefront of innovation, bringing customers the latest in screening capabilities. In March 2018 the Customer Risk Screener app was introduced, integrating World-Check data into the Salesforce AppExchange. Earlier this year, a Watchlist Screening functionality was launched, enabling users to upload and manage their internal and public third-party lists for screening alongside the World-Check data in one simple workflow. Since 2017, the platform has offered an expanding language review capability beyond English, encompassing Japanese, French, Spanish, Simplified Chinese and Russian.
World-Check One has earned industry recognition, starting with the 2014 Technology Development of the Year Award at Asia Risk Awards, and in 2015, the GRC Technology Innovation Award, as well as the Best Risk Management Technology of the Year at the Wealthbriefing Asia Awards.