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AML


THE UNQUANTIFIABLE BENEFITS OF A GOOD RISK ASSESSMENT TOOL

September 7, 2022

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September 7, 2022

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A high-quality risk-assessment solution helps corporate anti-money laundering
(AML) and customer due diligence (CDD) teams in a number of ways, but not every
benefit is easily quantifiable. For example, the overall “customer experience” a
company delivers cannot be reduced to a number, because it involves multiple
factors that lead to a human response that varies from person to person.

But just because a benefit is difficult to measure doesn’t mean it isn’t
valuable. Thomson Reuters recently commissioned Forrester Research to conduct a
study of its CLEAR ID Confirm and Risk Inform risk-assessment tools in order to
find out what actual users say about the product’s value to them. Users cited
plenty of quantifiable benefits, but they also identified several benefits that
are difficult to measure but extremely important nonetheless.

Some of those unquantified—but no less valuable—benefits are:


1. FLEXIBILITY OF DELIVERY MODE

Users of the CLEAR suite have the option of running the software through a web
browser, an application programming interface (API), or a batch service. This
flexibility allows users to select the delivery mode—or a mix of modes—that
makes the most sense for their organization and for their specific use cases. In
personal interviews, CLEAR users told Forrester that being able to choose a
delivery mode made it much easier to manage the tasks they had to accomplish.
The web browser option made the program easy to use right out of the gate, while
the API option made day-to-day due diligence more efficient, and the batch
service option helped one customer get through a backlog of due diligence work
and back up to speed.


2. ADDITIONAL BUSINESS FROM FASTER CUSTOMER ONBOARDING

At financial institutions, any delay in the onboarding process means risking
that prospective customers might take their business elsewhere rather than wait
for approval. According to Forrester, however, CLEAR users said they were able
to win additional business because of the increased speed with which they could
process and approve customers. By streamlining the due-diligence process and
eliminating delays, CLEAR users said they were able to make informed onboarding
decisions faster and seal deals they might otherwise have lost. In some cases,
same-day service was the difference-maker, and over the long term, faster
onboarding means AML/CDD teams can approve and welcome more new customers in the
same general time frame.


3. IMPROVED CUSTOMER EXPERIENCE

As mentioned before, quantifying the “customer experience” is difficult because
it really reflects how well the sum of an organization’s parts work together to
deliver their specific service. By definition, the only person who can evaluate
the customer experience is the customer, so there can be a range of different
perceptions and responses. According to Forrester, CLEAR users said that their
customers valued the efficiency of their approval and onboarding process, and
that faster approvals improved the overall customer experience.


4. IMPROVED EMPLOYEE EXPERIENCE

Quantifying employee satisfaction isn’t easy, but it does factor into talent
retention, staff turnover, and overall costs incurred hiring and training new
employees. And let’s face it, most of the methods used for manual onboarding
processes by AML/CDD employees are time-consuming, frustrating, and boring—and
boredom can of course lead to loss of morale, burnout, and reduced productivity.
While interviewing CLEAR customers, however, Forrester found that after the
platform was implemented, their AML/CDD employees enjoyed their daily work more,
which boosted morale. “The satisfaction among employees is high,” said one
respondent, because the information presented in CLEAR is so easy to interpret
and made things “a lot easier.”


5. FUTURE RISK-ASSESSMENT FLEXIBILITY

Certainty about the future viability of a tool acquired today is what some
executives might call “peace of mind.” While not exactly measurable, peace of
mind can come from knowing that a tool bought today is flexible and scalable
enough to adapt to the organization’s needs as it grows. Indeed, according to
Forrester, customers of CLEAR ID Confirm and Risk Inform liked the fact that
their current use of these products would make it easier to implement additional
products from the CLEAR suite as their business needs evolved. For example,
after using CLEAR to prevent fraud at the front end of the onboarding process,
additional CLEAR modules might help them investigate fraud after the fact. Or,
having familiarized themselves with CLEAR for a while, they might find
additional ways to use the program. In any case, CLEAR customers told Forrester
that their familiarity with the program would likely help them deploy any new
tools very quickly, enhancing the larger platform’s overall utility,
flexibility, and appeal.

Again, none of these benefits is definitively measurable, but they do underscore
the fact that the value and utility of CLEAR solutions extend far beyond the
platform itself. Indeed, CLEAR users consistently report that both their
customers and employees are happier when the onboarding process is more
efficient and that the business itself definitely benefits, even if these
“benefits” can’t be reduced to a mere number on a balance sheet.

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