Temple Grange to work with Lexis Nexis on sanctions compliance

Temple Grange Partners, the risk and compliance consultancy backed by Icap founder Michael Spencer, has today announced it will begin working with data giant Lexis Nexis Risk Solutions.

The partnership was driven in part by a need for major US institutions to find a way to comply with new sanctions imposed by their government – most recently on Russia, North Korea and Iran.

While Lexis Nexis has the data capabilities to help firms such as banks draw up a list of customers who may fall under the sanctions, Temple Grange uses human analysis to narrow this list down and more accurately identify clients who the bank may have to take action against.

Read more: Michael Spencer backs start-up consultancy Temple Grange Partners

Lexis Nexis was approached by a major US bank which wanted a service beyond pure data analysis, with actual compliance practitioner expertise.

Temple Grange, headed by former Credit Suisse compliance officer Eoin O'Shea, matched the bill and the two firms decided to partner.

"Most organisations believe that streamlining or improving the efficiency of the know-your-customer and customer due diligence processes is a priority," said Thomas Brown at Lexis Nexis.

"This efficiency can provide other departments a single view of a consumer and can positively influence the customer on-boarding process. Efficiency is critical to compliance departments, which endure heavy operational workloads."

Read more: Sanctions-hit Rusal's chief executive and seven directors resign

Brown added that when a compliance officer has access to both practitioner expertise, like that offered by Temple Grange, and risk data and technology, the compliance department will find it much easier to be efficient at a time when the cost of compliance is rising.

"When efficiencies are achieved, compliance analysts and managers job satisfaction tend to increase significantly, reducing another compliance leadership struggle – high employee turnover," he said.

Temple Grange, which was incorporated towards the end of 2016, aims to combat new problems which arise for firms due to issues such as Brexit and increasing sanctions, by seeking out specialist advisers in particularly relevant niches.

Read more: US pledges 'strongest sanctions in history' against Iran

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