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Thomson Reuters risk tool helps corporates prevent fraud

Thomson Reuters has launched a product to improve corporate risk analysis and assessment, which it says is the first risk-scoring solution to bring together analysis and public records with customisable definitions.

CLEAR Risk Inform allows organisations in the banking, finance, insurance, healthcare, provider enrolment and vendor management sectors to carry out risk assessment using public data. During the process of assessing whether to conduct business with a prospective entity, the service helps companies to minimise the risk of fraud, waste or abuse in the following ways:

  • maintain compliance with anti-fraud and anti-money laundering regulations;
  • customise criteria to establish scoring rules that best reflect the organisation’s level of acceptable risk;
  • create efficiency by focusing on high-risk reviews; and
  • build on the organisation’s current information.

Third-party risk assessment

Kevin Appold, US public records lead for Thomson Reuters, explained that CLEAR Risk Inform is aimed at assisting organisations that are evaluating whether to do business with an outside vendor or onboarding a new customer. He stated that the product's purpose is to “simplify and organise criminal records across all state and federal criminal jurisdictions. It enables a quick review/search of risk indicators such as arrests, bankruptcies, redundant SSNs, synthetic identities, and more.”

Appold added: “CLEAR Risk Inform lets corporate treasury and other departments (compliance, sales, etc.) automate and configure their risk analyses in regard to doing business with third parties so as to fit the unique requirements of their organisations.”

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