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Following detailed consultation with many organisations, it became clear that no one formula would sensibly fit the requirements of more than one organisation. The main benefit of a modular approach to a project is that it can accommodate the necessary
level of compliance in the most cost-effective manner. This is done through segmenting the file by risk and processing each segment according to the level of identification required based on potential risk and money laundering practices previously
employed.
Similarly, each customer database or customer portfolio will vary according to data recency or freshness of information. For example, a current account file is likely to have reasonably up to date information, as most customers want to receive statements.
But some products like long term investments are more likely to contain out of date name and address information. The modular approach of the Experian service allows us to conduct data processing in order to ensure the information we attempt to
re-identify optimises the hit rate when we conduct the identification process against the Experian databases.
The modular approach allows Experian to offer a service that combines the use of electronic data identification and manual customer contact. As the former is more cost effective than the latter, our aim is to build an approach that maximises the full use
of the extensive Experian databases to cut down the need for manual customer contact.
Due to our wealth of knowledge of subject identification, we are able to employ a range of data sequencing techniques in our identification processes to ensure we achieve the highest percentage hit rates using data identification.
In addition, we combine our expertise in money laundering and fraud avoidance to establish identities electronically at the most rigorous level. This is because we operate a unique electronically based money laundering scoring service which is based on
current guidelines as documented in the JMLSG Guidance Notes. This unique service separates two key elements required to prove an identity:
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Validation –
validity of an identity consists of collecting sufficient supporting evidence to confirm that a person or entity exists
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Verification –
verification of the identity is the process of establishing that the individual or business is the owner of that identity
Experian is able to offer this modular approach as we have a number of core competencies, which, when combined together offer a truly risk-based solution which not only provides maximum value, it offers the reassurance that the initiative is undertaken to
the correct standard for compliance. These core competencies are
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existing proven expertise in processing large quantities of data
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the ability to offer scale, quality and integrity when processing large quantities of sensitive data
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an unrivalled depth and breadth of consumer and business data
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an unrivalled understanding of the value of various data types for identification purposes
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the ability to risk profile customers
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an existing suite of market leading Money Laundering and fraud avoidance products
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data cleaning and enhancement
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in-house call centre and document management systems for a variety of manual customer contact strategies
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