Enhancing Risk Management Through LexisNexis Integration
Managing compliance in today’s global economy is a multifaceted challenge. Businesses must address escalating sanctions, anti-bribery obligations, and compliance expectations - all while operating within tight budgets. LexisNexis solutions, such as WorldCompliance Data, provide businesses with comprehensive tools to streamline compliance processes, mitigate risks, and navigate the complexities of evolving regulatory landscapes.
Our integration with LexisNexis brings enhanced compliance capabilities to Uniify. Here is an overview of what LexisNexis provides and what settings are available for our customers within our solution.
What LexisNexis Offers
LexisNexis WorldCompliance Data supports risk-based compliance strategies with:
Extensive Screening Data: Profiles of over 5 million high-risk individuals and entities across 60+ risk categories, updated daily.
Tailored Due Diligence: Tools for precise filtering, enabling efficient onboarding, monitoring, and reviews.
Global Coverage: Expertise from 450+ researchers fluent in 50+ languages, monitoring 30,000+ adverse media sources.
For more details about the comprehensive databases and tools LexisNexis uses, visit Watchlist Screening.
How Uniify Works with LexisNexis
Our platform integrates LexisNexis to help streamline compliance checks. Here’s how it works:
Smart Screening Settings
The following settings are our default configuration, designed to enhance accuracy and reduce irrelevant matches. These settings can be adjusted if necessary to better suit your needs:
Minimum Match Score: Results of 90% or higher based on the inputs we provide to LexisNexis (first name, last name, birthdate, or CPR number) will be shown as potential matches, while a 100% match score will be displayed as a match. If greater precision is required, additional details such as middle name, gender, and country can be included upon request.
Fewer Irrelevant Matches: Weak aliases, like unrelated nicknames, are excluded to improve accuracy. For example, searching “John Doe” won’t give results like “Annie Miller”, the John Doe of her community.
Organised Lists for Screening: LexisNexis provides comprehensive screening across key risks categories, including:
Politically Exposed Persons (PEPs): Individuals and their family members.
Sanctions: Global screening lists (OFAC, EU, UN, BOE, FBI, BIS and others).
Enforcement Actions: Enforcements and court filings around the world (FDA, US HHS, UK FSA, SEC and more).
Adverse Media: Profiles linked to illicit activities worldwide.
State-Owned Enterprises (SOEs): Government-owned and government-linked entities.
Registrations: Data from government sources focused on compliance issues.
Custom Segments: Tailored lists, such as high-risk entities or country-specific data.
Understanding Match Scores
When reviewing a result, it is important to understand that the accuracy of a match depends on the search criteria provided, such as first name, last name, date of birth, or CPR number. The more specific criteria you add (e.g., date of birth or CPR number, along with country), the more accurate the match will be, if one exists. However, if you are not entirely sure of the criteria, you could exclude potential matches. For example, if a date of birth or CPR number is added as a search criteria and no match is found, the system will exclude individuals who do not meet those parameters, even if they might be the correct match.
If you are uncertain about the exact criteria, using broader search criteria, such as first and last name, will cast a wider net and may present additional potential matches. While this increases the chances of finding a match, it can also lead to more results, as multiple individuals with the same first and last name may appear on international screening lists, which could cause confusion with irrelevant or less likely matches.
General options
We have configured settings to enhance accuracy. The following option is already enabled by default, while others can be customised.
Improved Name Matching: Increase the score when the first name or the middle name is an initial. This setting ensures that LexisNexis considers initials, such as “J.D. Smith” as a strong potential match when searching for “John Doe Smith”.
Candidate Records Identified by Name: Matches are primarily identified by name. For example, if you search for “John Doe” with the birthdate 12.12.1987, the results will not include “Adam Smith” born on the same date.
False Positive Status
We can set an automatic false positive status when the name matches, but at least one of the following data elements does not align:
Date of Birth: Deviates by more than 12 months.
Gender: Does not match the profile.
Country: Does not match the profile.
Entity Type: If searching for individuals, the result will not show businesses, and vice versa. You can choose to lock the module to either individuals or businesses to prevent mismatches. Alternatively, you can opt to lock the module to “All types” for a broader (but less precise) search.
Streamlined Compliance Process
LexisNexis data integrates directly into your workflow, helping you simplify onboarding and risk monitoring. By focusing on real threats and minimising unnecessary checks, it allows you to stay compliant with global regulations. This integration ensures that your compliance processes are both effective and streamlined, saving you time while keeping you aligned with regulatory requirements.
Why Choose This Integration?
Our integration with LexisNexis offers:
Precise tools for identifying and managing risk.
Streamlined workflows to save time and effort.
Configurable settings tailored to meet your compliance needs.
Stay ahead of compliance challenges while focusing on your business goals.
Contact us at [email protected] to learn more about how we can enhance your compliance compatibility with LexisNexis.