How do you collate all the various bits of risk data you gather from third parties? How’s that working for you?

Yesterday morning, I had a familiar call. “We’ve already got the AML checklist from DFI [development finance institutions] 1, and then got the sanctions one from DFI 2, and now DFI 3 need us to implement an anti-corruption system. Should we integrate them?”

As the interview progressed, we discussed logic. More precisely, how to integrate decision “if/then” questions. Using logic, we can ask relevant questions and skip the ones that cause everyone pain. BUT…

…what if the computer says no?

I’ve built these logic frameworks using various platforms (Typeform, ScoreApp, and our own Ethics Insight). I’ve learned that many organisations hesitate to use new software or systems.

I asked the interviewee if they operated on a Microsoft or Google platform. Sadly, the former. The integrated, logic-driven AML, fraud, sanctions, and anti-corruption investment risk assessment framework had to be…

Excel.

I get it; it’s ubiquitous. However, we may need to distinguish between the Excel tool we use to crunch data and the interface we use to gather information.

All the platforms I mentioned earlier allow for .csv or Excel format data downloads. It may be time to argue for that $700 (Typeform) or $1200 (ScoreApp) budget to build an assessment interface with logic, humanity, and usability, such that you get better data from your counterparties. There are, of course, expensive systems (SAP and alike). But many of the people I work with don’t have six-figure software budgets. There are in-between options!

Whatever route, if we want to save time, get better integrated (not duplicative) data into risk assessments, and have people complete checklists properly (especially third parties), we should use tools built for the era of one-click pay, not Windows 95.