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LexisNexis: Mitigating Business Risks through Robust ERM Solutions
To survive amidst market competition and industry challenges organizations require effective risk management solutions more than having a glamorous outlook. LexisNexis, a risk management solution provider based in New York, is a standing example for this statement—with more than three decades of expertise in enterprise risk management (ERM). The company offers ingenious set of solutions that enable firms to be an early mover in this ever changing marketplace. “Our focused efforts in combining cutting-edge technology, unique data, and advanced scoring analytics to handle the complexities around risk-management empowers our customers to act more confidently on future business decisions,” delineates Mark Kelsey, CEO, LexisNexis. With the aim to redefine the ERM landscape, the firm provides uniquely designed risk solutions for companies across the finance, insurance, retail, health care, communication and utilities sectors. “Our superlative ERM solutions provide assurances regarding achievement of business goals and have been deployed by many customers scattered across the world,” extols Kelsey.
LexisNexis addresses one of the most critical challenges of risk management sector with its inventive breed of solutions. “Most solutions available in the market do not posses capability to handle Identity management needs of a firm. This result increasing vulnerability for instances like identity fraud or theft due to the unsafe nature of applications and services,” says Kelsey. The company’s InstantID solution thwarts this challenge by minimizing the exceptions and discrepancies through a powerful 6-step procedure. The procedure includes well-planned phases such as fraud decision making, identity proofing, enrollment, identity evaluation, account setup, and strong authentication. These steps involve the presence of vast data sets and superior data linking, which further enhances the prominence of whole process. “Our advanced Identity Resolution technology provides a multi-faceted view of an individual and helps establish an ownership for identity in real-time, thereby reducing the likelihood of fraud,” explains Kelsey.
LexisNexis solution offerings act as a guiding light for the ERM landscape.
“Our solution suite addresses common hindrances that accompany the task of meeting and adhering to the complex regulatory processes,” says Kelsey. “Any failure in compliance often results in penalties and escalating costs for the enterprises. Our solution, Bridger Insight XG, tackles this by capitalizing powerful measures such as standardizing the controls and consolidating with regulatory directives.” The solution delivers significant efficiencies to the screening processes to drive compliance cost down, enhance operational capacity, and reduce cycle times.
LexisNexis had several instances in the past, when their solutions took their clients businesses to next level by providing insightful cues. In one such case, SAFE Federal Credit Union, a financial cooperative, was facing numerous fraud attempts at its credit union that had put the firm under scanner of high risk. Moreover, it was becoming constantly difficult for the union to comply with evolving industry standards and government regulations there by pushing them to adopt robust ERM solutions. It was after the SAFE switched to LexisNexis’s InstantID, they were able to receive real-time identity verification insights that led for quicker, more informed decisions. “Embracing stronger anti-fraud practices, our software deployment had resulted in avoidance of 20-30 fraudulent loans within first eight months. The increased productivity and reduced data entry errors gave the client, results beyond expectations,” emphasizes Kelsey.
Moving ahead, the company wishes to remain dedicated in providing their clients with the highest level of pragmatic solutions.“With only 23 percent of officials describing their organization’s ERM as mature, we sense a great amount of zeal in covering this wide gap through our competent solutions. For the future we plan on exploring the emerging paths around ERM,” Concludes Kelsey.
Our advanced Identity Resolution technology provides a multi-faceted view of an individual, thereby reducing the likelihood of identity fraud
LexisNexis had several instances in the past, when their solutions took their clients businesses to next level by providing insightful cues. In one such case, SAFE Federal Credit Union, a financial cooperative, was facing numerous fraud attempts at its credit union that had put the firm under scanner of high risk. Moreover, it was becoming constantly difficult for the union to comply with evolving industry standards and government regulations there by pushing them to adopt robust ERM solutions. It was after the SAFE switched to LexisNexis’s InstantID, they were able to receive real-time identity verification insights that led for quicker, more informed decisions. “Embracing stronger anti-fraud practices, our software deployment had resulted in avoidance of 20-30 fraudulent loans within first eight months. The increased productivity and reduced data entry errors gave the client, results beyond expectations,” emphasizes Kelsey.
Moving ahead, the company wishes to remain dedicated in providing their clients with the highest level of pragmatic solutions.“With only 23 percent of officials describing their organization’s ERM as mature, we sense a great amount of zeal in covering this wide gap through our competent solutions. For the future we plan on exploring the emerging paths around ERM,” Concludes Kelsey.
