A First Look at Screener

Spectrum Screener ™ is a comprehensive screening solution to help banks and financial institutions to step up to a cost-effective compliance. It helps in:
  • Reducing false positives
  • Improving compliance
  • Managing sanction lists
  • Boosting productivity of the entire team

Watchlists are the key to prevent financial crimes. However, when it comes to screening, bad data and bad matches result in a stream of false positives leading to costly and wasteful investigations.

Screener comes in handy here. Behind the user-friendly interface of the application are robust features working in absolute tandem to add data quality, list management, and much needed transparency to avoid false negatives, reduce false positives, and resolve alerts faster. Screener also integrates seamlessly with your case management system. It manages internal and external lists along with the entries in those lists. It also version the lists and the entries. Screener can either screen parties (customers/prospects) against those lists, or can disseminate the lists (PB Services) to a screening system.

Some of the features that makes Screener stand out are:

Entity Resolution

Screener reconciles customer data across different systems and formats to overcome variance and create an accurate view.
  • It normalizes and standardizes names and addresses.
  • Accounts for name variants, gender and cultural differences.
  • Enriches missing, misfielded or incorrect country codes.
  • Enriches customer profiles. Produce a streamlined view for screening.

List Management

Screener consolidates and reconciles lists and watchlists. It aggregates list entries from multiple data vendors, reduces duplication and increases list quality. The list management feature helps you:
  • Automate list importing and archiving processes.
  • Aggregate list entries from multiple data vendors.
  • Enable global or, local, centralized and distributed administration.
  • Apply robust entity resolution across internal and external lists.
  • Automatically assign globally unique identifiers (GUIDs) for efficient identification and matching.
  • Produce a fully auditable, streamlined list for screening.

Screening

Screener has a fully integrated matching engine that identifies which cases need to be reviewed. It provides a transparent view of the data lineage and audit trail.
  • Matches parties (customers, counterparties, employees, vendors, and more) with list members and negative media candidates.
  • Generates clear, easily accessible data lineage and audit trail.
  • Transparently provides alert context to investigators.

Generating alerts

Screener consolidates and prioritizes every event, automatically closing those that don't require any action.
  • Introduces new efficiencies prior to case management.
  • Automates closure and audit history of common alerts according to your rules.

Secured Entities

Secured entities are:
  • Lists – Metadata about a list and the set of entries within a list
  • List Entries – Individual records containing information about a person or organization.
  • Screener Groups – A group of lists to screen parties against.
  • User Defined Attributes (UDAs) – Extra information that an organization wants to add to any of the above secured entities.
    Note: Parties (the banks customers and prospective customer that need to be ‘sanctions screened’) are not Secured Entities in Screener.

Permissions and Access Control

You can manage the permissions and controls for accessing the Screener features through the System menu option of Management Console. You can grant accesses at a granular level as well, such as specific lists.