Fraud & Compliance


In today’s tightly regulated environment banks, insurance companies, telecom and other sectors are required to comply with new and existing regulations like AML/KYC, FATCA, DODD FRANK etc. It is extremely important to have data that supports compliance and risk initiatives.

Data has a huge potential to impact almost all aspects of a business in both positive and negative ways. One of the possible ways in which Data affects negatively – is on the risk and compliance management ability of the organization. Data is critical not only for regulatory purposes but also for internal reporting, risk management purposes and identifying, assessing and adequately measuring risk areas. Organisations may want to understand fraud propensity, predict account activities, evaluate risk portfolios – all this requires having good data.

Inaccurate regulatory reporting risk - In the absence of good data – reports may be generated on the basis of incorrectly filled data – bearing no relation to the original. This will mislead regulators who cannot determine the health of the organization. This in turn creates enormous risk for customers of banks. Process inefficiencies may also result due to inaccurate and incomplete vendor and customer data, including an increase in manual effort for inquiry and reporting functions.

Financial risk - A good financial risk program will need to understand whether there are duplicates across customers and vendors. Total exposures to a single vendor or customer need to be understood to ensure uniformity of payment terms, inconsistent discount terms etc. Receipts may be affected if a vendor is also a customer and has a problem with their business.

Legal risk - Potential fraudulent activity can occur when vendor is also a customer and vice versa. A single customer may have more than the permissible number of accounts or services availed against their name - a single customer cannot have multiple insurance policies or dematerialized accounts or telecom connections – these patterns need to be detected early to prevent any untoward financial transactions violating regulatory norms.

Operational risk - Not having a 360 degree view of entire customer interactions may result in duplicate mailings to customers and inefficient storage and MIS reporting. Models often generate incorrect results.

How can Ixsight's solutions help the Risk and Compliance process?

Ixsight’s solutions help banking, financial services, telecoms and insurance companies to significantly improve the performance of their data governance programs. It also helps achieve compliance with various regulations. The data quality and data governance solution enables organizations to have accurate, certifiable and audit-ready data needed for enterprise risk management.
The Ixsight solution delivers specific capabilities that allow business owners, compliance personnel, risk personnel, internal audit teams and IT developers to manage an end-to-end data governance lifecycle.

More specifically – Ixsight’s solutions help in the following ways:

  • Data quality profiling:

    Data quality profiling to audit, score and provide Metrics on various dimensions needed for risk management and regulatory compliance. This could be areas like “Missing Maturity Dates”, “Incorrect Loan Tenure”, “Poor Identity Data”, or “Lack of Unique Identifiers” etc.
  • Regulatory reports:

    Providing reports to enable various institutions like the telecom regulatory authority, insurance regulatory authority, and security exchange board to get reports on multiple holdings, KYC adherence, priority sector lending and various other MIS.
  • Reducing operational and legal risks:

    Safe customer onboarding by screening against watch-lists, verifying identity information.

    • Identifying Duplicate customers or duplicates across customer and vendor master
    • Potential fraudulent patterns by location
    • Parties of a financial transaction