- The challenges you can face when conducting manual adverse media screening.
- The 6 ways automated media screening can supercharge your risk management strategy.
- The benefits of overcoming challenges in automation adoption.
Adverse media screening is a key component of risk management, and it is becoming increasingly important for modern businesses. As noted in our guide to adverse media screening, it is all about screening negative news to complete comprehensive due diligence checks. In this article, we’ll delve a little deeper, comparing automated and manual screening and looking at key topics such as false positives and automated alerts.
How is Manual Adverse Media Screening Conducted?
Adverse media screening can be conducted manually, but it is a lengthy process and involves a number of steps:
- Identifying reputable and relevant sources;
- Defining the search criteria;
- Searching for information using the defined criteria;
- Reviewing the search results;
- Verifying the validity of the information discovered;
- Continuing to monitor media sources to perform regular updates.
The Challenges of Manual Adverse Media Screening
Many modern organisations have a long list of considerations with regard to KYC and AML, not to mention the innumerable operational, logistical, marketing, and social aspects faced by 21st-century companies.
In other words, it is time and resources that can be diverted elsewhere.
And that is just part of the struggle. Humans make mistakes, and if they are tasked with sorting through a mass of data and meeting deadlines, the risk of false positives and false negatives increases. AI can make these mistakes as well. It is not perfect. But when experienced data professionals are added to the process to do quality control, the likelihood of mistakes drops substantially and the checks are completed with far greater speed and efficiency.
We live in an age of automation, one where everything from the watch on your wrist to the phone in your hand is produced by predominantly automated processes. However, while machines are tasked with processing, assembling, and even packing those goods, they still require human intervention to ensure standards are being met at all stages of production and that the end product looks, feels, and functions as it should.
Such is the case with automated media screening and many other AI technologies.
The Rise of Automation in Adverse Media Screening
The integration of AI within the fields of KYC and AML has increased significantly, and it seems to be making a difference. AI is able to do things that humans can not do, such as rapid result generation and real-time monitoring. Also, as it is based on machine learning algorithms fine-tuned by experienced data professionals, it is only getting better.
The regulatory landscape is constantly evolving as governments seek ways to stem the flow of fraudulent and laundered money, and AI can keep pace with those changes. By leveraging automated adverse media screening, companies can achieve faster and better results while freeing up time and resources for other areas.
Benefits of Automated Adverse Media Screening
Automated adverse media screening provides a number of benefits over manual screening:
It is Much Faster
Collecting and reviewing adverse screening reports takes time, and time is money for profit-driven businesses. Automation is fast and can complete screening processes in a fraction of the time of manual reviews.
It is Easier to Scale
AI is instantly scalable, but manual scaling takes time and requires a lot more planning.
It Operates on a Large Scale
AI is equipped to handle large amounts of data that might be beyond the capabilities of a manual team. Advanced media screening tools have been trained using large amounts of quality data and do not have an issue processing such data.
It is Multi–Faceted
The automated approach is a comprehensive one. It can help with cross-referencing data sources, provides suspicious activity detection, and more. When you consider the penalties imposed on businesses that break sanctions and KYC/AML regulations, it is clearly important to cover all bases.
It Provides Real-time Monitoring
The world of digital media is always changing, so media screening requires companies to keep an ear to the ground. This is not always possible with manual screening, but automated screening uses real-time monitoring to ensure media is constantly being checked.
It is Constantly Evolving
Criminals are always looking for new ways to launder money and commit fraud, and regulatory agencies stay on top of them by constantly updating regulations. Organisations must adapt to every single change, and this is much easier when AI is at the helm, as it stays on top of all changes.
Overcoming Challenges in Automation Adoption
The process of AI integration is not as seamless as it perhaps could or should be. Developers have faced resistance from organisations that do not necessarily understand the technology or prefer to keep doing things the way they have always done them. There are also regulatory issues, as the rules are constantly changing and can vary across different regions and even different industries.
AI is adaptable, and it can meet these challenges head-on, but the best solution is the human-in-the-loop approach, as utilised by A Data Pro. We take the best that AI has to offer—the large datasets, the rapid processing speeds—and we insert data professionals into the mix. That way, both humans and AI can manage the areas in which their expertise is required, and the combination will produce the best possible results.
As with many other processes in the modern digital world, media screening typically presents two main options:
- Do it yourself, dealing with the high cost and resource drain, or
- Utilise AI advancements and work with advanced tools provided by experienced data professionals
It is important to remember that these AI tools are not entirely devoid of human interaction. They were created by humans, they are monitored by humans, and they work best with human interaction.
Automation promises enhanced efficiency and accuracy, but successful integration demands addressing several key hurdles. For example: ensuring data quality and integrity is paramount; comprehensive data sources must be carefully curated and regularly updated to minimise false positives and negatives. Additionally, striking a balance between automation and human expertise is essential, as nuanced context and complex risk assessments often require human judgement.
Future Trends in Adverse Media Screening
This is the AI age. Many companies are making the switch to automated technologies and processes, and that includes adverse media screening. It is highly likely that the future will see more AI adoption, along with greater innovation as the technologies continue to improve. AI accelerates processes such as cross-referencing data sources and, more importantly, is time-efficient. All things considered, it is easy to see why so many organisations are switching to automated adverse media screening.
How can Adverse Media Screening automation help you?
With A Data Pro, you are not just getting software that you can point in a general direction and hope that the right results will appear. You are getting the expertise of a vastly experienced company working at the cutting edge of AI. We are driven by results, and when combined with our experience, automation delivers much better results. If you want to make the switch and discover the benefits for yourself, check out our adverse media screening services.