RiskNarrative from LexisNexis leverages automation and decisioning technology to provide a sophisticated, configurable, and accessible financial crime lifecycle management solution.
The growth of technology and digital platforms is changing how customers interact with businesses. Customers return to businesses expecting to be instantly recognised across multiple channels while new customers want to be able to onboard quickly and make transactions immediately. However, this digital transition in the global economy is also increasing opportunities for criminals to exploit digital ecosystems and evade detection.
LexisNexis RiskNarrative orchestration platform helps solve costly challenges caused by siloed operations by unifying multiple customer onboarding, compliance, and risk-based workflows within a single Application Programme Interface (API) and platform environment.
Orchestration platforms deliver a single, real-time view of customer risk for more effective and continuously responsive, end-to-end financial crime management. Organisations can expedite risk decisions through this more holistic view that incorporates Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) activity, identity documentation, behavioural biometrics, and enhanced fraud detection.
Features of LexisNexis RiskNarrative:
End-to-end customer lifecycle management: RiskNarrative enables organisations to manage critical fraud detection, financial crime prevention, and compliance workflows from a single API. It provides teams with a unified view of customer risk to facilitate more informed business decisions, drive down compliance costs, and outsmart fraud;
No-Code Configuration: Fine-tuning strategy to keep pace with financial crime risk and regulations demands operational agility, yet reflecting changes requires technical resources, which incur delays and cost. RiskNarrative platform users can make changes to rules, models, and integrated application providers without programming skills;
Drag and Drop Services and Apps: Businesses can connect to a rich ecosystem of pre-integrated, third-party data sources, rulesets, and machine learning models that can be incorporated into journeys and workflows through a simple drag and drop interface;
Easy Integration: Effective anti-financial crime lifecycle management requires access to best-in-class insights and services. The RiskNarrative platform needs only one integration to use multiple services. An easy and intuitive restful API implemented by allowing rapid integration for availability within days.
LexisNexis officials emphasised the delicate balance that businesses face in delivering seamless customer experiences while mitigating the persistent risk of financial crime and fraud. Leveraging digital solutions enables them to access timely, practical insights and analysis essential for serving customers while safeguarding their operations. By implementing an orchestration platform, businesses can facilitate smooth and efficient collaboration among compliance, fraud, and infosec functions. In an ever-evolving landscape of financial crime risk and regulatory requirements, LexisNexis RiskNarrative emerges as a unified decision engine, empowering organizations to make compliance decisions with utmost confidence.
For more information about LexisNexis, please check out the company profile in The Paypers Company Database.
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