Risktech Firm Facctum Introduces Watchlist Management Service

Facctum, a Risktech firm specializing in cloud-delivered enterprise risk decisioning technology, recently announced the launch of FacctSet, a solution designed to streamline watchlist management for enhanced compliance outcomes.

FacctSet is reportedly one of the first purpose-built products designed to address the various data management challenges created by the fast growth of sanctions and AML compliance requirements.

Current screening processes require a shift in tech in order to address the increasing pressures from changing sanctions and anti-money laundering compliance guidelines. Under this  environment, Watchlist Management (WLM) systems are struggling to ensure data is of the appropriate standard needed for screening processes, and are also creating more customer friction and rising alert remediation costs.

As financial institutions/service providers shift to a risk-based approach to screening, traditional approaches are not capable of offering sufficient levels of customization, particularly at the scale and complexity needed to support diverse watchlist services for multiple screening scenarios.

In response to these challenges, Facctum has introduced FacctSet as a WLM system that offers the operational capacity needed to effectively manage complex, changing and large scale watchlist data.

With FacctSet, institutions are able to maintain internal block or pass lists, and customize commercial watchlist data in order to provide multiple services for risk-based approach screening. Analytics dashboards aim to offer key operational insights and reporting features provide explainable information for regulatory reporting.

KK Gupta, founder and CEO of Facctum stated:

“The growth in watchlist data sources, complexity and volume, together with a high velocity of regulatory change, is pushing watchlist management systems to the limits of operational capacity and capability. With FacctSet, we are bringing watchlist management into a new era that not only addresses the current challenges, but looks ahead to provide faster speed to compliance and more efficient operations for an improved customer experience.”

KK Gupta added:

“After conversations with clients and those in the financial space, we saw there was an urgent need for effective sanctions and anti-money laundering compliance screening, with businesses finding it increasingly difficult to keep pace with regulatory expectations. Companies need the right technology that allows for a higher level of customisation, scale, capacity and capability, all of which FacctSet can provide in a unified platform with consistent governance and reporting. FacctSet is an example of how a new approach to implementing data technology can lead to faster, more effective compliance and customer experience.”

FacctSet is reportedly the second product introduced by Facctum in 2022, following FacctView which offers a cloud-first screening capability for financial crime risk screening.

FacctSet is developed for SaaS or as an on-premises solution.



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