Safe Banking Systems Software, LLC, an innovative provider of anti-money laundering and compliance solutions, today announced that it has received a patent for SAFE Exposure Index®, the company’s groundbreaking methodology for risk and exposure ranking.
Invented by Mark Schiffer, chief scientist at Safe Banking Systems, SAFE Exposure Index offers a fully automated, daily process to rank the relative political and criminal importance of Politically Exposed Persons (PEPs) and other high-risk individuals in third-party databases. Calculating the exposure index involves a large-scale system of equations with millions of variables. Using social networks and link analysis, SAFE Exposure Index analyzes the relationship between PEPs or other high-risk individuals and their underlying attributes, information sources and related entities. It returns a ranked hierarchy of individuals in the database based on their potential risk. SAFE Exposure Index’s systematic approach to identify, assess and quantify risk in large databases helps organizations improve their customer screening process.
“Adopting a risk-based strategy to prevent money laundering and other illicit activities is only effective if there is a reliable way to gauge risk,” said David Schiffer, president, Safe Banking Systems. “The new era of big data has made existing methods of risk ranking obsolete. With its objective measure of exposure and accurate risk-ranking, SAFE Exposure Index provides the first line of defense in mitigating financial crime. It has been a major factor in the success of our product offerings. Receiving a patent for SAFE Exposure Index further validates the effectiveness of this unique solution.”
Detailed press release link: here