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CTF - Insurance
With hundreds of thousands of parties engaged in millions of payments and claims daily, making sure you are not doing business with anyone who might be a high risk entity can be anything but simple. Add to that the complexity of complying with counter terrorist financing (CTF) regulation at a cost the business can afford and you quickly have a serious challenge to overcome.
Norkom’s counter terrorist financing product monitors and analyzes – in real time and batch – every party, policy, payment or claim against industry and internal lists to detect and prevent your organization from engaging in business with known high risk entities.
In four simple steps Norkom automates and streamlines the end to end process from list management through to detection, investigation and reporting.
The starting point of success for any insurance company wanting to protect itself against regulatory sanctions is the effective management of the myriad of internal and external industry watch lists.
Industry lists, such as OFAC, Bank of England, EU and OFSI, clearly identify high-risk individuals and businesses, including known terrorists, fraudsters, money launderers, politically exposed persons and black listed persons, companies or countries.
Norkom’s counter terrorist financing solution provides a centralized repository for all these lists and more. At the click of a button authorized users can import new lists, manually alter existing lists, create additional lists or perform any range of activities required to effectively manage and maintain the centralized repository of information.
Easy to update and maintain, centrally held but locally accessed, Norkom’s consolidated list management approach transforms an arduous and time consuming process into a simple and fully automated task.
Single source for the myriad of list
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Norkom’s counter terrorist financing product delivers unrivalled accuracy in the detection of real matches directly impacting the balance sheet by reducing the number of false red flags generated, saving time, money and resources.
How do we do it? – Norkom combines the simple and the complex. We bring together the power of straight forward name matching with sophisticated techniques such as fuzzy logic, free text and exact matching to uncover hidden matches and associations otherwise ignored.
Norkom’s approach uses multiple parameters to match against, including phone numbers, date of birth, address, country and even payment and claim information. The product supports over 50 population groups, automatically identifying matches and links regardless of language. Interactive searches can be carried out online, in real time, to check new parties at time of policy opening providing further due diligence in the know your customer process.
Norkom’s rigorous approach leaves no stone unturned and the results speak for themselves - unrivalled detection capabilities improving accuracy by up to 200%.
Prioritized red flags delivered direct to investigators’ desktops fully populated with all the information needed for investigation. Norkom’s counter terrorist financing product outstrips competition when it comes to making the investigative process swift and simple.
How? - As soon as a match is detected a prioritized red flag is sent to the investigator’s desktop. Red flags are fully populated with all the information needed for investigation to begin, from full party details through to comprehensive payment or claim information. At the click of a button investigators can drill down through the information to build a detailed picture of events. Pre-defined workflows clearly direct the investigative process making sure that all the necessary steps are taken to ensure fast but rigorous investigation.
Norkom’s approach has enabled our clients to improve the efficiency of the investigation process by up to 98%. The impact is immense, significantly reducing overheads and costs per investigation.
Red flags prioritized to enable swift and simple investigation
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Norkom’s products come with pre-packaged reports that give you all the information you need at the click of a button. Our counter terrorist financing product automatically generates and populates regulatory reports for electronic or manual submission.
All reports can be assigned step by step workflows ensuring appropriate approval internally before submission to the regulator. Our pre-packaged business reports enable organizations to review the effectiveness of their watch list monitoring processes automatically highlighting what is working and what is not.
Rigorous audit trails provide system and user reports detailing any actions taken providing all the information required to satisfy any internal or external investigation – now or in the future. Norkom’s standard and configurable reporting capabilities provides our clients with the information they need in a way that eradicates the man hours wasted in manual report compilation.
In four simple but comprehensive steps Norkom’s counter terrorist financing product delivers measurable value and reduced operational costs. |
 "With more than 2 million transactions per week automation was the only practical way to be sure that policies were consistently checked against industry lists". Peter Kalberer   "Norkom has the vision to see that the challenges of tackling crime and compliance are not mutually exclusive"
Luc Philips, Director of KBC  "It is the flexibility of the product that attracted us. We can achieve economies of scale, streamline our compliance procedures and protect our business".
Andrew Hunter, Group Head |
Single source of all internal and external lists; easy to update, manage and maintain. 
The precise detection of matches against watch lists using a combination of comprehensive matching techniques and analytics. 
Standard and configurable reports for the regulator and the business generated automatically. 