Innovation in Compliance with Tom Fox Helping Solve the Data Problem with David McLaughlin
David McLaughlin, founder and CEO of QuantaVerse, joins Tom Fox on this week’s show to discuss his company’s new risk management tool, Country Code Derivation. He explains that this capability was actually a part of their platform for some time, but they saw the need to offer it as a separate tool. “We found that there is a really specific and unique need for understanding the country code of transacting parties,” he says.
Identifying Risky Transactions
Tom and David discuss how Country Code Derivation assists organizations, including financial institutions, identify potentially risky transactions. David explains that this tool is a “multimodal, layered approach of sifting through different capabilities to accurately identify where somebody's jurisdiction is.” Determining jurisdiction of a transaction is a core part of understanding risk, David points out. The advantages of using technology versus a manual process are obvious: technology is more accurate and efficient, can validate malformed data, and saves time and money. Tom asks if regular organizations can use this tool. David responds that it’s valuable for an organization that needs to determine the location of a party, be it vendors or customers.
Compliance Officers Can Use It Too
Tom comments that Country Code Derivation can give compliance professionals access to data they may not have had access to before. David agrees. “It can provide compliance professionals with data that they need,” he says. “It can do it in a way that validates the accuracy of it. It can update it in a way that is automatic and systematic and regular.” Both men conclude that this tool is more important today - in the time of coronavirus - than it ever was. Many organizations have a data backlog because of the pandemic; Country Code Derivation helps to eliminate that backlog in quick time.
Resources
QuantaVerse on LinkedIn
David McLaughlin on LinkedIn