FinCrimeTV Uncommon Sense Steven Renwick

Nigel Morris-Cotterill’s guest for this episode of Uncommon Sense is Steven Renwick of Tilores. One of the biggest challenges we face in financial crime risk and compliance and many other areas of business is data integrity. Cleaning up the data is a task that no one wants to do but if it’s not done databases grow with data that has no value and therefore are require much greater processing power.

There are also reasons to clean up data because, in that clean-up, data can often reveal criminal, or proto-criminal intent. For example, when Tilores analysed about 10 million publicly available records from the UK’s Companies House, it found some 600,000 records that were duplicates, many of which were obviously fraudulent.

The techniques, which start with the de-duplication of records, can be applied to databases of customers, suppliers and agents to help identify suspicious accounts, even where the activity on those accounts displays nothing untoward. We discuss the problems of data matching and some solutions.

Renwick says that the fascination with blockchain and “artificial intelligence” should not detract from the fact that most data applications are simple, rules-based, slogs through data and that the effective deployment of computerisation reinforces the “explainability” of what is done, how it’s done and why it’s done and then does it at scale and at very, very high speed. That “explainability” is vitally important when it becomes necessary to give evidence in Court.