Effective business intelligence utilised in Risk Profiles and subsequent screening and selection processes leads to increased organisational efficiency and efficacy in that limited resources need only be allocated to cases with high priority need for attention, seen in the context of the ruling compliance policy and organisational objectives.
Configurable components of the INTRASOFT Compliance Suite (which can be implemented individually or combined with other components) support this goal by providing capabilities that support a broad range of detection projects to reveal and identify potential non-compliance.
The Risk Analysis Engine at the core of these components uses a knowledge-based approach to risk management that can combine rules-based knowledge and predictive analytics models with the knowledge, experience and expertise of key personnel and apply this knowledge for both transactions risk screening and full behavioural risk analysis for any entity (e.g. Taxpayer, trader, port, service provider etc.)
Behavioural Risk Analysis (Profiling)
Provides a full behavioural risk analysis of entities.
Typical use cases:
- Tax: profiling of taxpayers and agents
- Customs: profiling of traders, ports etc. for use in transactional screening and post-clearance audits.
- Social Security: profiling of claimants, health service providers
- Collections: assessing probability of successful collection and prioritising cases
Key points:
- Used to identify and prioritise candidates for compliance actions
- Utilises multiple data sources and derived data
- Generates multiple risk observations and suggestions for addressing the risk
- Optional interactive facilities enable users to establish the cost-benefit-of compliance actions and factor human intelligence into the selection process
- Creates cases for selected candidates automatically or interactively.
Transactional Risk Analysis (Screening)
Provides real-time transactional screening.
Typical use cases:
- Tax: screening of registrations, tax returns, refunds.
- Customs: screening of customs declarations, manifests etc., with customs officers interactively creating new trap rules and classification thresholds.
- Social Security: screening of benefit or health insurance applications and claims.
Key points:
- Integrated to the organisations core processing systems
- Returns a result that interrupts and/or directs the business process flow (e.g. Green: Release and continue, Red: Stop and Investigate, Yellow: refer to officer for decision.)
Risk Analysis is enhanced through invocation of the predictive analytics capabilities of our INTRASOFT Advanced Analytics Platform which makes use of a wide spectrum of Machine Learning algorithms and methodologies.