A cognitive adoption of LEI. Dr R (Rana) Ghosh-Roy 16 th February 2016
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1 IBM Watson A cognitive adoption of LEI Dr R (Rana) Ghosh-Roy 16 th February 2016
2 Background to LEI and its roll out 2
3 How an LEI can help your business get fit for the future Improved risk management. Increased operational efficiency. More accurate calculation of exposures. Simplified regulatory reporting. Ensured counterparties for any business process. Unique counterparty identification globally. Note: IBM has extensive proven experience in managing all of the above, using its traditional as well as cognitive tools. 3
4 So, why IBM? Data Security covered: data in motion, data at rest, data in process 4
5 Why IBM Watson? All global transactions require global identities England s football team suits are not made in England!! 5
6 What are your identity risks? A company has many stakeholders and each stakeholder introduces its own identity risks Employees Clients Suppliers Charitable publication scams Share sale fraud Business directory fraud Account takeover Application fraud Cheque overpayment fraud Cheque fraud Fake invoice scams False accounting Exploiting assets and information Regulations Entity Board Government agency scams Insurance fraud Procurement fraud Long and short firm fraud Ponzi schemes Pyramid schemes Unknown scams Personnel management Bankruptcy-related fraud Payment fraud Standards Vendors Contractors Office supply scams Receipt fraud Mortgage fraud Intellectual property fraud Travel and subsistence fraud 6
7 The identity risk is compounded by global risk profile and reliance on multiple existing data sources For example, the global Dow Jones Watchlist database is used by many organisations and this alone contains over 400,000 unique records of PEPs, their relatives & close associates. This number alone illustrates that PEP screening needs to be treated very differently to sanctions screening. This is before we take into account the mergers and acquisitions. Change of address and/or other facets. Data quality issues 7
8 A possible solution: verification and adoption through third party due diligence Client Entity Client Profiler Profiler Entity 8 Triggers that may create a need for due diligence include: Inability to correctly identify each entity Reconciliation of internal IDs with LEIs Reconciliation of external (third party) IDs such as DUNS, Companies House, etc Anti-bribery and corruption regulatory compliance Anti-money laundering compliance Financial services regulatory compliance Risk assessments of current and prospective business partners, agents, and vendors M & A and other investments in emerging and other global markets Industry and jurisdiction-specific risk
9 A probable high level process of detailed due diligence of an Entity 1 A Client 6 and analyze Articles 7 then gather Insight 2 wants to Investigate 5 for report across Sections Areas 8 generate Content Background Stakeholders Political Exposure Litigation Adverse Press Sanctions 3 an Entity 4 from a myriad of Sources, including the Internet 9 and Report it 9
10 LEI s success lies in its adoption by both internal and external systems an Entity Federated Sources Bureau Van Dijk Companies House, United Kingdom Kamer van Koophandel Bloomberg U.S. Securities and Exchange Commission BloombergGS FCA Register Investment Advisor Public Disclosure Common register portal of the German federal states Registre de Commerce et des Sociétés, Luxembourg Delaware Secretary of State, Division of Corporations National Futures Association Investment Advisor Public Disclosure Schedule D Les Greffes des Tribunaux de Commerce France Field Current Value Bank Name Citi Bank NJ Address 629 Diamond Street, NJ Mailing Address Legal Registration RWR Field Current Value IARD Number Principle Office New York Site URL Registration Status Active Field Current Value BVD ID SS23N1534 Parent Company Microsoft Main Exchange NYSE Country of Origin US 10
11 Welcome to IBM s Watson based due diligence and LEI reconciliation Entity Name Subject of Interest Client Operations IBM, including Watson Analyst Reviewer Client Report Internet Each request and resulting report can be tailored to meet the needs and requirements of organizations wishing to include LEI into their internal systems. 11
12 A very simplified view of Watson based cognitive solution Client Client Components Operations Manual Automatic Automatic Manual Operations / Reviewer Raise Request Collect Data Analyze Data Generate Report Risk Management Analyst Text Analytics Risk Management Analyst IBM Watson Explorer IBM Watson Content Analytics IBM Business Process Management IBM DB 2 12 Data sources (both structured and unstructured)
13 LEI adoption across the globe will touch many of these data sources #1 Data source #2 Data source 1 Companies House Output XML Gateway 31 National Center for Charitable Statistics 2 Companies House, United Kingdom 32 Accounting and Corporate Regulatory Authority, Singapore 3 Kamer van Koophandel 33 The Trade and Industry Register Sweden 4 Bloomberg 34 Registre des agents financiers 5 U.S. Securities and Exchange Commission 35 ASIC Australian Financial Services (AFS) Licensees Register 6 BloombergGS 36 Cayman Islands Monetary Authority 7 FCA Register 37 Monetary Authority of Singapore 8 Investment Advisor Public Disclosure 38 The Financial Markets Authority, Austria (Finanzmarktaufsicht) 9 Common register portal of the German federal states 39 Ministry of Corporate Affairs, India 10 Registre de Commerce et des Sociétés, Luxembourg 40 Netherlands Authority for Financial Markets 11 Delaware Secretary of State, Division of Corporations 41 The National Securities and Exchange Commission, Spain 12 National Futures Association 42 De Nederlandsche Bank 13 Investment Advisor Public Disclosure Schedule D 43 National Board of Patents and Registration and the Tax Administration 14 Les Greffes des Tribunaux de Commerce France 44 The Brønnøysund Register Centre - The Department of Information Distribution 15 London Stock Exchange 45 L'Autorité des marchés financiers France 16 Board of Governors of the Federal Reserve System 46 The Swedish Financial Supervisory Authority (Finansinspektionen Sweden) 17 Bundesanstalt für Finanzdienstleistungsaufsicht 47 Division of Corporations, New York 18 Federal Commercial Registry Office - Central Business Names Index 48 Guernsey Companies Registry 19 Companies Registration Office, Ireland 49 Bermuda Corporate Registry 20 Hong Kong Companies Registry 50 The Financial Services and Markets Authority (FSMA) 21 Commission de Surveillance du Secteur Financier, Luxembourg 51 Hong Kong Monetary Authority 22 Financial Industry Regulatory Authority 52 Jersey Financial Services Commission Companies Registry 23 Hong Kong Securities and Future Commission 53 Bank of Portugal 24 Swiss Financial Market Authority 54 ASIC National Names Index 25 Australian Business Register 55 Financial Supervisory Authority, Denmark (Finanstilsynet) 26 Financial Services Agency, Japan 56 Industry Canada 27 Cayman Islands General Registry 57 Federal Deposit Insurance Corporation 28 Italian Chambers of Commerce 58 Office of the Comptroller of Currency 29 Banque Carrefour des Enterprises 59 Secretary of the Commonwealth of Massachusettes, United States 30 Irish Financial Services Regulatory Authority 60 Guernsey Financial Services Commission 13
14 A few more... #3 Data source #4 Data source 61 Financial Supervisory Authority, Finland (Rahoitustarkastus) 91 Nevada Secretary of State 62 Bank of Spain (Banco de España) 92 Russia SKRIN Joint-Stock Company Skrin 63 California Secretary of State 93 l Autorité de Contrôle des Assurances et des Mutuelles 64 Financial Supervisory Authority of Norway (Finanstilsynet) 94 Banking Regulation and Supervision Agency 65 Ministry of Finance of the CR 95 Ministry of Justice of the Slovak Republic 66 Financial Supervisory Commission, Taiwan 96 Banco Central Do Brasil 67 The Department of Economic Development 97 Ontario Securities Commission 68 Bermuda Monetary Authority 98 NYSE 69 Reserve Bank of India 99 Euronext 70 Companies Office of New Zealand 100 Minnesota Secretary of State, Division of Corporations 71 Bank Negara Malaysia 101 Securities and Insurance Supervisor, Chile 72 FCA Mutuals Register 102 National Association of Securities Dealers Automated Quotation System 73 Canadian Securities Administrators 103 The Hellenic Capital Markets Commission, Greece 74 National Commission for Listed Companies and for the Stock Exchange, Italy 104 National Bank of Slovakia 75 Illinois Secretary of State, Division of Corporations 105 Comisia Nationala A Valorilor Mobiliare 76 Financial Services Board, South Africa 106 Capital Markets Board of Turkey 77 The Office of the Superintendent of Financial Institutions, Canada 107 Portal da Empresa, Portugal 78 Istituto per la Vigilanza sulle Assicurazioni 108 System for Electronic Document Analysis and Retrieval 79 Connecticut Secretary of State 109 Isle of Man Financial Services Commission 80 Companies Office of New Zealand, Financial Services Providers 110 The Portuguese Securities Market Commission 81 Jersey Financial Services Commission 111 Turkish Trade Registry Gazette 82 FCA Register Collective Investment Scheme 112 Bank of Israel 83 Colorado, Secretary of State 113 Departamento de Estado de Puerto Rico, Puerto Rico 84 Athens Chamber of Commerce and Industry 114 South African Reserve Bank 85 Ohio Secretary of State, Division of Corporations 115 Dirección General de Seguros y Fondos de Pensiones 86 Securities and Exchange Board of India 116 Georgia Secretary of State, Division of Corporations 87 Bank of Greece 117 Registro Publico de Panama 88 Banks and Financial Institutions Supervisor, Chile 118 FCA Exchanges Register 89 Gibraltar Financial Services Commission 119 State Bank of Pakistan 90 BVI Financial Services Commission 120 Office of the Commissioner of Insurance 14
15 And more... #5 Data source 121 Comisión Nacional Bancaria y de Valores 122 Securities and Exchange Commission of Pakistan 123 The Company Law Division Securities and Exchange Commission of Pakistan 124 Securities and Exchange Commission of Brazil 125 Charity Commission for England & Wales 126 Instituto de Seguros de Portugal 127 National Credit Union Administration 128 Dubai International Financial Centre 129 Organisme pour le Registre des Intermédiaires en Assurance 130 Oficina Del Comisionado De Instituciones Financieras 131 Banca Nationala a Romanie 132 Comisia de Supraveghere a Asigurarilor, Romania 133 Lloyds 134 Department of Financial Institutions, California 135 Six Swiss Exchange 136 Institute of Chartered Accountants in England and Wales 137 National Health Service 138 Tokyo Stock Exchange 139 Illinois Division of Financial Institutions 140 Florida Secretary of State 141 Oklohoma Secretary of State 142 DRCOR 143 Oregon Secretary of State 144 Dun and Bradstreet and many more! The Good News is that an IBM Watson based solution can trivially integrate with 1000s of such data sources and provide instant verification, keep up with the policy changes and provide continuous monitoring of changes! It is probably worth mentioning that such a solution could also contribute towards maintaining an updated LEI database. 15
16 LEIs are being issued globally, increasing but also being adjusted 16
17 Now you know! Use adoption of LEI to manage risks Balance the adoption with process optimisations IBM Watson can introduce a paradigm shift in your organisation Increase adoption of LEI through increased successful adaptations rana.ghosh-roy@uk.ibm.com / Tel:
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