Sanction screening system peer comparison with Global Benchmark™
Financial institutions carry out sanction screening system testing in order to meet customer due diligence and regulatory requirements and to prove to their supervisory body they are taking appropriate steps to fight financial crime.
Remediation steps are then taken to ensure that a sanction screening system is performing with optimum efficiency and effectiveness to minimise the risk of engaging with a sanctioned entity.
However, it’s not very often the time is taken to understand the results and how they might stack up against other financial institutions.
Comparison to other financial institutions is a logical early step in benchmarking how a sanction screening system is performing – that’s why Global Benchmark by AML Analytics was created.
How Global Benchmark works
Global Benchmark is created by the industry for the industry, and works in the following way:
- AML Analytics creates a monthly standardised test file, using the latest data from the most important global sanction lists. To ensure the highest of standards, also included in these test files are non-sanctioned records. Using records that should be missed by sanction screening systems guarantees they are functioning optimally.
- This standardised test file is sent to all of our Global Benchmark customers around the world each month for them to run through their sanction screening systems.
- When all of our customers have run the test, we publish the average performance levels at both control and manipulated level for customer and payment screening systems to all of our Global Benchmark customers.
- Our Global Benchmark customers can then view their own test results and compare them against the overall average taken from their peers’ results. Metrics include both control and manipulated scores for both client and transaction screening.
How tests are run and viewed
All of our customers will be granted access to Analyser Online, our state-of-the-art communication hub.
Within Analyser Online our customers are able to download the Global Benchmark files sent to them each month, and also analyse their test results for Global Benchmark, along with our other solutions such as Sandbox and Annual Assurance Testing.
Test data and results are clearly displayed in our high-level overview dashboards to help every single one of our customers better understand their sanction screening system performance levels, limitations and weaknesses. Customers are also able to view the sanctions lists from which the test records have been selected, along with the various algorithms applied to the sanction records to stress test the sanction screening system.
1.Upload Drag and drop your test file or browse for the one you need.
2. View Instantly access and view test results.Instantly access and view test results.
3. Analyse Advanced analysis tools provide granular-level detail for every sanction record included in the test.
4. Diagnose Understand your sanction screening systems weaknesses and where action is needed.
5. Report Print and download reports directly from Analyser Online.
A summary of the benefits
Analyse sanction screening system effectiveness and efficiency each month
Tests are automatically sent, and you’re notified when they are, which means you’re guaranteed one sanction screening system test to analyse performance each month if you subscribe to Global Benchmark.
Transparency in decision making for explainability to regulators
Show regulators proactivity surrounding the testing of your sanction screening system, and notify them of the areas that have been discovered to need testing and tuning.
Deep dive into results in our state-of-the-art communication hub, Analyser Online
Analyser Online allows customers of Global Benchmark a deep dive into the results of their sanction screening tests for both customer and transaction screening for in-depth analysis and greater understanding of how a screening system is performing.
Improve systems to outperform peers and gain a competitive advantage
Identifying the areas of your screening system that need improving and addressing them directly will allow you to keep ahead of your peers who aren’t using an industry-aggregated benchmark tool.
Make data-driven decisions for system enhancement and improvement
With the test results each month, make data-driven decisions to further improve your sanction screening systems detection capabilities for ongoing improvement in an ever-changing regulatory landscape.
For more information on Global Benchmark, please contact us.