Facctum, a risktech firm offering cloud-based enterprise risk decisioning technology, has rolled out a new solution to simplify watchlist management for efficient compliance.

Dubbed FacctSet, the solution seeks to meet soaring data management needs in the wake of rising sanctions and commitments linked to anti-money laundering compliance.

As a watchlist management system, FacctSet offers operational capacity to handle complex, evolving and large scale watchlist data.

The solution will help institutions create as well as maintain internal block or pass lists.

The system will also provide personalised commercial watchlist data enabling creation of various services for risk-based approach screening.

At the same time, the solution will ensure data meets the required standard for screening processes.   

Furthermore, FacctSet’s analytics dashboards and reporting features give vital operational insights and clear information meant for regulatory reporting.  

Facctum founder and CEO KK Gupta said: “The growth in watchlist data sources, complexity and volume, together with a high velocity of regulatory change, is pushing watchlist management systems to the limits of operational capacity and capability.

“With FacctSet, we are bringing watchlist management into a new era that not only addresses the current challenges, but looks ahead to provide faster speed to compliance and more efficient operations for an improved customer experience. 

“Companies need the right technology that allows for a higher level of customisation, scale, capacity and capability, all of which FacctSet can provide in a unified platform with consistent governance and reporting.”

Recently, the UK-based company launched FacctView that provides a cloud-first screening capability for financial crime risk screening.