About Watch List Management
A Watch List is a list of entries that are known to have the same level of risk characteristics. Watch Lists can represent public sources or can be created and managed internally by the institution. Watch List data can originate from public sources. For example, the Office of Foreign Asset Control (OFAC) and Financial Action Task Force (FATF) or private sources like a client’s list of entities on which suspicious activity reports are filed.
Oracle Financial Services Watch List Management gathers risk metrics based on the processing of risk or trust values from client records during data ingestion. You can then use these risk metrics to find high-risk behaviors. Watch lists and their entries conform to types and characters that the Data Interface Specification (DIS) specifies; OFSBD audits all changes.
Public lists used by clients are huge, and can contain typographical errors. Without the Watch List Management UI, clients must accept these errors, or manually correct them each time the list is updated and transformed for delivery to Ingestion. Some clients established staging databases in which they applied corrections, managed internal lists, and transformed lists into the Oracle Financial Services DIS format.
The staging database process created the following limitations:
- Inefficientprocessing
- Increasedcomplexity
- Increased cost forinstallation
- Requirement that clients review