This paper focuses on 5 ways financial institutions can consider deploying Adverse Media screening as part of their third-party risk assessment processes.
In February 2024, BaFin issued a Guidance Note that emphasized the importance of adverse media screening in customer and third-party onboarding. The process of integrating negative news screening can help financial institutions understand risk related to fraud, sanctions, money laundering, financing of terrorism, and more.
However, the sheer volume of news stories globally makes manual screening impractical, leading to the need for a human/machine hybrid approach.
This paper discusses the challenges that can face financial institutions in implementing adverse media screening, and offers five strategies to develop greater efficiency, including:
Download the paper to read more about both the importance and value adverse media screening can add to a risk assessment process, and how more efficient screening can be achieved through a human/machine hybrid approach.