Innovative uses of technology and data are critical to creating insight in many areas of business and society, not least the global fight against financial crime.
Graph analytics is one such technology, helping connect the dots in data between disparate entities (nodes) and uncover previously unknown relationships (edges) to identify potential risk.
To help accelerate innovation in this area, OpenCorporates provided our legal entity reference dataset to the Enterprise Data Management Council’s Open Knowledge Graph Shared Lab initiative.
As Michael Meriton, the EDM Council’s Co-founder and COO explained in our recent joint webinar, the data was essential in helping over 10 organisations who participated develop and utilise a prototype knowledge graph designed to enable insights for anti-financial crime professionals.
Transparent legal entity data helps connect the dots
The prototype knowledge graph is designed to help companies enhance their know your customer (KYC) and anti-money laundering (AML) efforts. The prototype combines OpenCorporates’ global data on legal entities with other data to identify potential red flags.
Financial institutions, graph technology vendors and data providers joined together to develop and test the prototype.
Reduced cost & increased risk identification
With some large regulated firms having thousands of employees working in anti-financial crime functions, the prototype aimed to optimise expenditure and uncover risk more effectively.
As Michael explained in the webinar: “If it’s all powered by a graph which emulates the way humans think, you can get really powerful inferences out of it.”
Participants in the project identified some exciting early results from the knowledge graph:
- Cost of AML investigations and KYC was reduced by 30-40%
- Effectiveness of models set up to detect suspicious actors from the data increased, with fewer false positives
Building on a foundation of transparent legal entity data
But this is just one example of the foundational role legal entity reference data plays in new innovative technologies.
Companies are the basic building block of the business world – so it’s no surprise that a reference dataset about them is critical to the architecting of new technology solutions, as well as the solving of data challenges, such as around the creation of master data.
Many companies however are not yet making the most of the opportunities offered by reliable and transparent legal entity data. When the webinar’s attendees were polled, only 24% said they were confident in the data they have about the companies they work with.
Without confidence in the core data you have about the organisations they work with, you cannot be confident in your core business functions – never mind innovate successfully.
So where can you start?
- Watch the webinar
Learn more about how transparent legal entity data is essential to helping accelerate innovative technology and data projects.
Watch webinar >
- Read our white paper
Through interviews with leading data professionals, we explain the benefits of transparent legal entity data and why it’s fast replacing the Black Box data of legacy business information providers.
Read white paper >