Tracy Manning, Director of Financial Crime Compliance at LexisNexis Risk Solutions, Recognized by FDIC and FinCEN at Digital Identity Tech Sprint
LexisNexis® Risk Solutions today announced that Tracy Manning, director of financial crime compliance at LexisNexis® Risk Solutions, and her team were spotlighted in the Federal Deposit Insurance Corporation (FDIC) and Financial Crimes Enforcement Network (FinCEN)-sponsored digital identity proofing Tech Sprint.
The Tech Sprint brought together a diverse set of stakeholders across various sectors to develop a “scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely present themselves for financial activities are who they claim to be.” Nearly sixty participants took part in the Tech Sprint from March 11 to April 4, forming eight teams of experts.
The organizers of the Tech Sprint selected Tracy’s team, Team ConfIDence, made up of seven individuals representing financial institutions, non-bank vendors and policy experts, for the creativity prize for its suggestion of a regulator-sponsored ID verification (IDV) effectiveness scorecard and testing sandbox designed to drive rapid innovation in effective and compliant identity proofing for remote onboarding within digital channels.
The ConfIDdence scorecard provides an unbiased, credible and inclusive methodology for assessing the confidence of IDV in digital channels. By providing a scoring rubric, users can evaluate assurance, regulatory compliance, inclusion, security and adoptability.
“It is thrilling to receive this recognition from the FDIC and FinCEN for Team ConfIDence’s creative work to help shape the future of customer identification,” said Manning. “In my role at LexisNexis Risk Solutions, I see every day how seamless customer experiences can and should co-exist with effective financial crime controls. Team ConfIDence’s proposed solution aims to meet that mark and create ongoing insights that can help shape the future of regulation. “Digital identity is at the forefront of the evolution financial crime regulation, and I am proud to be part of an organization that is on the cutting edge of this technology.”
The shift toward digital commerce means greater convenience for consumers, but also provides opportunities for money laundering and sanctions evasion. Bad actors capitalize on anonymity, accelerated transaction speeds and inter-connectivity across multiple channels to aggressively target businesses for financial crime schemes. As digital financial crime risks increase, businesses are striving to balance the rewards of digital transformation with growing risks and emerging regulatory requirements.
LexisNexis Risk Solutions equips companies with tools to fight criminals. One such tool is LexisNexis® Financial Crime Digital Intelligence. This solution leverages the power of shared global digital identity and location intelligence in LexisNexis® ThreatMetrix® to help businesses outsmart financial crime and better identify sanctions risk in near-real time, using custom-designed policies and automated workflows that match their risk appetite.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.