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accuity.com
Firco scoring for streaming screening operations
Fircosoft
Agenda
• Challenges with Undefined Risk
• How We Calculate Risk
• How Scoring Fits Into Your Model
• Defining Your Risk Profile
• Glossary
Challenges with Undefined Risk
Challenges with Undefined Risk
Single Bucket
No Categorisation
Risk Unknown
Hits Assessment – Current Process and Challenges
• Hits Randomly Selected
• No Control
ALERT TO BE SELECTED
Distinguish Them
• See what you get!
• No time lost
• Improve operation
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HHHH
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H H
H HH
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HH
How We Calculate Risk
Scoring Criteria
Criterion Sub
Criterion
Value Value
Change
Main Table
Match Type Name Yes 500
Embargo Yes 600
Passport Yes 400
BIC Yes 800
Default 500
Scoring Criteria
Criterion Sub Criterion Value Value
Change
Match Type Name Yes 500
Next Table
Geography Country Yes + 50
Country No - 100
City Yes + 50
Address No - 200
0
200
400
600
800
1000
CIF SHAREEF, ADAM JOHN
Geo: Italy DOB: 1967
List Data SHARIF, ADAMOVICH YACUB
Geo: Syria DOB: 1965
0
200
400
600
800
1000
- 100
CIF SHAREEF, ADAM JOHN
Geo: Italy DOB: 1967
List Data SHARIF, ADAMOVICH YACUB
Geo: Syria DOB: 1965
0
200
400
600
800
1000
+ 100
CIF SHAREEF, ADAM JOHN
Geo: Italy DOB: 1967
List Data SHARIF, ADAMOVICH YACUB
Geo: Syria DOB: 1965
0
200
400
600
800
1000
- 100
CIF SHAREEF, ADAM JOHN
Geo: Italy DOB: 1967
List Data SHARIF, ADAMOVICH YACUB
Geo: Syria DOB: 1965
0
200
400
600
800
1000
+ 150
CIF SHAREEF, ADAM JOHN
Geo: Italy DOB: 1967
List Data SHARIF, ADAMOVICH YACUB
Geo: Syria DOB: 1965
0
200
400
600
800
1000
Scoring Criteria – There are more
How Scoring Fits Into Your Model
Firco Trust
Alerted Hits in Firco Trust
M LM L M
M
LHM
HHHLMLH
L L
H
MMHM
HM
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M
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L
HLMMH
M
H
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L
H
MLHM
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ML
HM
H
M
M
M
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ML
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HL
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M
Use What You Get
Learn more about Firco Trust here: https://accuity.com/product/firco-trust/
Prioritizing Score in Firco Trust
Alerts can be Prioritised in Firco Trust by using FML Rules!
L LL L L
L
LLL
LLLLLLL
L L
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LLLL
LL
L
M
L
M
M
MMMMM
M
M
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MMMM
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MH
M
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MH
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H
Learn more about Firco Trust here: https://accuity.com/product/firco-trust/
Prioritizing Score in Firco Trust
Example:
T
R
U
S
T
900
500
300
Score Definition
FML Rules Priority
H
M
L
IF SCO >= 700
QUALIFY: PRIORITY =
900
IF SCO < 700 AND
SCO >= 400
QUALIFY: PRIORITY =
500
IF SCO < 400
QUALIFY: PRIORITY =
300
Prioritizing Score in Firco Trust
• Alerts can be sorted by Priority within the Front End
Priority of Customer Record is taken from the Alert with the Highest Priority
Discounting Alerts in Firco Trust
Alerts can be discounted automatically based on Score and other factors
• For Example
M LM L M
M
LHM
HHHLMLH
L L
H
MMHM
HM
H
M
H
M
L
HLMMH
M
H
M
L
H
MLHM
H
ML
HM
H
M
M
M
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ML
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M
L
HL
HL
L
HH
M
HM
L
L
L M • Low Risk PEPs
L • Medium Risk PEPs
Discounting Alerts in Firco Trust
Can be combined with different factors
Local National International Individual Other Company
Using Scoring in Firco Continuity
Learn more about Firco Continuity here: https://accuity.com/product/firco-continuity/
How to use Hit Score for Alert Segregation
Uses highest scoring hit
Learn more about Firco Continuity here: https://accuity.com/product/firco-continuity/
Scoring in Continuity – Segregate Alerts
M LM L M
M
LHM
HHHLMLH
L L
H
MMHM
HM
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M
H
M
L
HLMMH
M
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MLHM
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ML
HM
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ML
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L
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HM
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L
M
Workflow Accelerator
MediumHigh
M
M
M
M M
MM
M
M
MM
M
MM
M
M
M
M
M
M
M
MMM
M MMH
H H
H
H
H
HH
HH
H
HH
HHH
H
L
L
L
L
L
L
LL
LL
LLL
LL
Low
Learn more about Firco Continuity here: https://accuity.com/product/firco-continuity/
Scoring in Continuity
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L
M
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M
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H H
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HHH
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M M
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LLL
LH
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MMM
M MM
High Medium Low • Auto-Escalate / Limit Access
• Auto-Enable Stripping Detection
• Reduced Workflow
• Focused Reports
• Standard Workflow
Defining Your Risk Profile
Defining Your Risk Profile
Analysis• Risk Factors
Definition• Risk Factor Tuning
Operational
• FML Rules and Additional Modules
Summary
L LL L L
L
LLL
LLLLLLL
L L
L
LLLL
LL
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MMMMM
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MMMM
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MH
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Risk Known Hits Categorised
Contact Your BRM For Enquiries
GlossaryTerm Definition
Scoring A functionality that allows customers to build their own risk scoring approach for prioritizing and categorizing alerts raised by the filter. Meaningful
scores are provided for business users that qualifies the alerts depending on the customer context and easies the decision making process.
Blocking Record A Customer Record or a Transaction that has been alerted and requires a user’s decision to process it further
Alert/Hit An instance where record or transaction is raised for the purpose of reviewing or monitoring
Scoring Criteria A number of risk factors that can be used to define risk score for a hit
CIF Customer Information File which is used in Firco Trust to feed customer records for screening
List Data An entry or information available in a watchlist
Firco Trust Account screening application based on state-of-the-art Firco Filter which help users to filter, review and make decisions for alerted customers
Firco Continuity Transaction screening application based on state-of-the-art Firco Filter which help users to filter, review and make decisions for alerted transactions
FML Firco MultiLaws (FML) Manager is an editorial application for business rules which helps optimize filtering process and results
FML Rules A set of business rules that allow to reduce the amount of false positive hits and unnecessary manual review. Also FML rules allow to perform extra
monitoring on specific messages.
Workflow Accelerator Advanced Module of Firco Continuity which enables transaction alerts to skip early stages in a workflow to accelerate the decision making
Stripping Detector Advanced Module of Firco Continuity enabling banks to identify any attempts to change transaction messages bypassing the transaction screening
system