Benchmarks confirm: IRIS makes the work of compliance officers easier and more effective
In a recent benchmark, IRIS proved itself again to be valuable in customer acceptance processes. In the latest benchmark focused on business lines, we were compared with the major adverse media products in the market. IRIS proved itself to be especially stronger in providing fewer false negative results for small and medium enterprises, key persons like UBO´s, directors and sometimes even PEPs, and other local actors who often escape the scope of big international adverse media solutions.
Even though IRIS often finds more valuable information than its competitors, it is important to note that it does not cost compliance officers much more time to process it. By automatically analysing the found information, all content gets pre-filtered and presented in an analyst-friendly way. But most importantly, in the 80% of cases in which no relevant information is found, our customers can safely and quickly move towards the acceptance phase.
New features to improve quality and further reduce false positives
Based on the feedback from our partners, end-users, and our product team, we have brought some interesting new features to light. We improved the named entity recognition to increase accuracy. We implemented more advanced blacklisting to filter unreliable sources. And we developed more advanced text analysis features to filter out false positives. These improvements have so far resulted in a decreased false-positive rate of 3 to 5%.
New sources: YouTube and online reviews
We have added new sources to the online risk analysis. Besides the open web and the public areas of Facebook, Twitter, and Instagram, we now also support YouTube and Google reviews. Especially the online reviews of organisations show very interesting and valuable results. Where known research has shown that online peer reviews can be a strong predictor of sales performance, it also seems to be a strong predictor of customer risk. We hope to see the first results from the field soon.
New languages: IT, FR and DE
We have included more languages to help our partners and customers accept international clients. Especially in countries where little information is known from official sources like company registries, the web is one of the few places left to conduct research. Currently we offer Dutch, English (UK), English (US) and Spanish and in the coming month we are adding Italian, French, and German. More languages will be added, depending on customer requests. Please contact us for more information.