LexisNexis Risk Solutions has introduced LexisNexis RiskNarrative, an end-to-end customer lifecycle management platform, to support firms to seamlessly integrate multiple information sources to enhance risk decisions and offer smoother customer experiences.
LexisNexis RiskNarrative utilises automation and decisioning technology to offer a sophisticated, configurable and accessible solution for financial crime lifecycle management.
The new orchestration platform is projected to address expensive challenges brought by siloed operations. To achieve these, the platform unifies multiple customer onboarding, compliance, and risk-based workflows within a single application programme interface (API) and platform environment.
RiskNarrative will allow institutions to handle critical fraud detection, prevention of financial crime, and compliance workflows from a single API.
The platform is said to offer a unified view of customer risk to support more informed business decisions, cut down compliance costs, and prevent fraud.
Besides, the customer lifecycle management platform will help firms to connect to a rich ecosystem of pre-integrated, third-party data sources, rulesets, as well as machine learning models.
Furthermore, the users of RiskNarrative platform can modify rules, models, and integrated application providers without programming skills.
The RiskNarrative platform requires only one integration to use multiple services, enabling rapid integration for availability within days, said the company.
LexisNexis Risk Solutions platform strategy vice president Ryan Morrison said: “An orchestration platform helps to create a smooth and efficient exchange between the compliance, fraud and infosec functions.
“In a world where financial crime risk and regulation are constantly shifting, LexisNexis RiskNarrative delivers a single, unified decision engine to drive high-confidence compliance decisions and the best customer outcomes.”
