Product Overview of LexisNexis Risk Solutions
LexisNexis Risk Solutions is a global data and analytics company that provides a comprehensive suite of data and technology services designed to help businesses and governmental entities manage risk, improve operations, and make informed decisions.
What the Product Does
LexisNexis Risk Solutions offers innovative technologies, information-based analytics, decisioning tools, and data management services. These solutions are tailored to various industries, including insurance, financial services, healthcare, and government. The primary goals are to help customers reduce risk, stay compliant, and enhance their operational efficiency.
Key Features and Functionality
Data Aggregation and Analytics
LexisNexis Risk Solutions aggregates diverse sources of information, including public records, company data, and consumer data, into a single interface. This expansive data collection is processed using advanced analytics and linking technologies to create a consolidated view of risk. The platform utilizes HPCC Systems (High-Performance Computing Cluster) for high-performance, data-parallel processing, ensuring efficient handling of big data applications.
Risk Management and Compliance
The solutions provided by LexisNexis Risk Solutions are designed to combat financial crime, prevent losses, and ensure compliance. The platform offers enhanced due diligence (EDD) capabilities, allowing users to screen for politically exposed persons (PEPs), sanctions, enforcements, and adverse media. It also helps in remediating sanctions alerts and compiling suspicious activity reports, all within a transparent and auditable framework.
Fraud Prevention and Identity Verification
LexisNexis Risk Solutions includes robust tools for fraud prevention and identity verification. These tools help verify identities, detect and prevent online fraud and money laundering, and reduce false positives through advanced matching logic and linking technologies. This is particularly beneficial for financial institutions, insurance companies, and healthcare providers in verifying the identities of their customers and preventing fraudulent activities.
Industry-Specific Solutions
The company offers specialized solutions for various sectors:
- Insurance Services: Provides data and analytics to help insurance companies assess risk, improve underwriting, and reduce claims fraud.
- Business Services: Assists businesses in managing risk, verifying identities, and conducting due diligence.
- Health Care Services: Helps healthcare providers in reducing medical costs, connecting patients with the right providers, and preventing medical identity theft.
- Government Services: Supports law enforcement agencies with tools like the Public Safety Data Exchange (PSDEX) and the LexisNexis Accurint Virtual Crime Center to solve crimes and anticipate future threats.
Law Enforcement Solutions
LexisNexis Risk Solutions provides law enforcement agencies with critical tools such as the PSDEX database and the LexisNexis Accurint Virtual Crime Center. These solutions help in solving crimes, identifying threats, and predicting future criminal activities by linking billions of public records with agency-provided data.
Security and Privacy
The platform is designed with the highest standards for security and privacy in mind. It ensures that all data handling and processing adhere to federal, state, and local standards, including those set by the Criminal Justice Information Services (CJIS).
Conclusion
In summary, LexisNexis Risk Solutions offers a powerful suite of data analytics and risk management tools that empower organizations to make well-informed decisions, reduce risk, and improve operational efficiency across a wide range of industries. Its advanced analytics, comprehensive data aggregation, and industry-specific solutions make it a trusted partner for businesses and governmental entities globally.