Refinitiv World-Check One Adverse Media Investigation
Adverse media screening (also known as negative news) forms a crucial part of the due diligence processes to uncover risks indicating a party’s potential involvement in alleged criminal activity, which could give rise to financial, reputational, or other types of risks to financial institutions.
As a complement to the existing eScreening functionality, the Pega CLM product team has built an integration with Refinitiv’s World-Check One Adverse Media Investigation services and a separate case type in 8.6, which allow users to search, investigate, and resolve potential adverse media findings as part of the client onboarding and maintenance journeys.
Results from the adjudication of adverse media findings are captured, documented, and passed back to Refinitiv within the CLM application eliminating the need to simultaneously work on multiple systems.
Flexible Due Diligence Case Orchestration
With release 8.6, for the Due Diligence stage, two new pre-configured modes of orchestration (“Intermediate” and “Simplified”) are added to the single, existing mode “Standard”.
It is now possible to choose the most appropriate Due Diligence orchestration mode, depending on the level of complexity of your organization, that is, depending on how your departments are organized and how activities are covered in your organizational model.
From the moment you change the orchestration mode to a different mode, subsequent customer journeys are based on the new mode. Any in-flight customer journeys started before the change in orchestration mode completes using the previous orchestration mode.
With release 8.6, the previously single mode is now known as Standard mode. This mode is most suitable for the largest organizations working across multiple regions and catering to a mix of complex product offerings. In this case, the types of regulations to be addressed in due diligence are handled at the lowest granular level, distributing work across a large number of teams. For example, AML due diligence potentially consists of a high number of subcases covered by both a central team for global AML and a team for each jurisdiction for local AML. There can also be multiple subcases within the product and tax regulatory areas.
Compared to the Standard mode, the Intermediate mode goes up one level of granularity so that there are significantly fewer subcases for AML. Instead of potentially five subcases across product and tax regulatory work (in Standard mode), Intermediate mode creates one subcase per area. Therefore, this mode is best suited to organizations operating in only one or two geographical regions and with a product mix of medium complexity.
Compared to Standard and Intermediate modes, Simplified mode enables a centralized approach to orchestrate the due diligence work of organizations that are typically focused only on a smaller geographic area and with a simpler product mix. As a result, the smallest number of cases are worked upon by only one or two departments with this mode.