Leslie Bailey from LexisNexis Risk Solutions discusses their compliance technology and the role data plays in risk management
1. Tell us about your role at LexisNexis Risk Solutions?
My official title is Senior Director of Financial Crime Compliance. What the role entails is being curious enough to think like a criminal in order to help businesses identify risks and deter financial crime. We have a strong sense of purpose around financial inclusion and driving global economic value. This starts with preventing financial crime.
2. Can you tell us about your journey into the world of financial crime compliance?
Although I started with a career in the life insurance industry, I was fascinated by confidence crimes. In pursuing this passion, I began partnering with law enforcement to speak with community groups. I studied how life insurance death benefits could be used to advance money laundering and after I became a Certfied Fraud Examiner, I continued working in the space. After several years in banking, starting out in enterprise risk management and moving to operational and support roles, my knowledge and understanding evolved. It’s now a privilege to work for one of the most highly respected leaders in the industry and continue to build my expertise in financial crime compliance.
3. How do you think compliance technology is developing for financial services companies?
The evolution of compliance technology needs to match the pace of shifting market conditions. A complete view of risk is essential to remaining compliant amid disruption and change. With uncertain market conditions, compliance technology can provide strategic value, especially in maintaining trust and efficiency. <blockquote/.Digital has become dogma and the ability to leverage innovative technology and transformative digital identity intelligence can mitigate growing cyber risk while driving substantial efficiencies.
4. How does the use of data and analytics help in countering risk more effectively?
Risk cannot be measured without data and analytics. These tools are key in in allowing us to apply a different lens to risk and compliance challenges – data analysis allows us to look broadly and microscopically to identify suspicious activities and more broad trends.
Risk analysts are faced with a difficult business problem to identify and stop risk, but often lack concrete metrics to manage the risk once it’s identified. You know risk when you see it.
5. Why is the customer experience important for businesses looking to fortify their compliance efforts?
Customer experience has a direct tie to revenue, with speed and accuracy serving as key metrics If you flag a customer and take an extraordinary amount of time to conduct due diligence, the customer feels that lag. They likely experience some sense of concern for the accuracy of your data and the efficiency of the organization.
6. Can you explain how the acquisitions made by the company over the past few years have enhanced the capabilities of LexisNexis Risk Solutions?
Our leadership has fully embraced looking to build robust offerings that support the evolution of the world we live in. Our most recent acquisitions of data consortium combined with progressive technology solutions strengthens our already robust assets. Our acquisitions of ThreatMetrix, Emailage and ID Analytics provided additional assets that offer compelling use cases for the compliance industry. We have the ability to shape the future of financial crime compliance by assisting organizations find connections and identify internal vulnerabilities.
7. What differentiates your financial crime compliance solution set from the rest of the market?
Our data fuels robotic process automation and artificial intelligence engines that are becoming more prominent in the industry to reduce operational burdens. We position both sides of risk management with our data. In addition, we are differentiated by the vast public records we’ve accumulated over time. Finally, we offer human curated data so we ensure we comply with the editorial standards we’ve set forth as an organization.
8. What new technologies have grabbed your attention in the compliance space?
I am curious to look at how the next generation of suspicious activity monitoring evolves.
9. What is the most pressing issue that your clients face on a daily basis?
Doing more with less resources!
10. What is next for LexisNexis Risk Solutions, in terms of what tools you can provide to customers?
LexisNexis Risk Solutions continues to provide meaningful solutions to its customers, with a key focus on delivering compelling value and capabilities for financial crime risk data and solutions. With a focus on operational efficiencies, we will continue to put forward solutions that identify true risks within businesses through digital and physical data. We will also continue to refine our products that help automate standard operating procedures to reduce remediation time.
11. What book are you reading these days?
I read constantly. I have a good mix of books and magazines that balance work and leisure. I always have the Harvard Business Review and Strategy + Business magazine. My pleasure reads right now are Mandala’s Way and The Guest List – for two different book clubs. My latest business read isn’t a new one but suggested to me by a colleague. It’s called Legacy.
12. Can you give us a glance at the applications you use on your phone?
True story — I have too many. My most frequently used is another story entirely. Wunderground, The Wall Street Journal, Roadtrippers, Paprika Food, Farfetch, and my local library app.
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