Partners have the ability to turn off risk monitoring for all but potential sanctions matches. What this means is that partners can decide for which matches they would like Parallel to monitor and provide flags based on the partner's unique regulatory requirements and compliance policy.
Note: Risk Monitoring has no impact on what is considered a baseline platform record and therefore has no impact on price, regardless of what risk match type(s) (or lack thereof) Parallel is monitoring. For more information on pricing and billing, please see this support article.
Risk Monitoring Filtering List
- Previously Sanctioned
- Deceased
- Politically Exposed Person (PEP)
- Law Enforcement
- Financial Regulator
- Disqualified Director
- Insolvent
- Adverse Media
Caveats to Consider
There are a few caveats that partners should take into consideration before requesting any type of modification to the default risk monitoring configuration.
No Retroactive Back-filling
Should a partner decide to turn off monitoring for any type of risk match, and then later change their mind, once Parallel re-enables the risk match(es), The Parallel system will not back-fill and re-run searches for those risk matches. The Parallel system will only show new potential matches found going forward.
Multiple Match Types Returned
Since single risk match can contain multiple flags, should a partner choose to filter on a select number of risk match types but not all, then the partner may still get flags for filtered risk match types if non-filtered risk match types are present in the flag.
To illustrate, consider the example of a Partner choosing not to monitor for PEP (but all else risk match types), and there is a new match with both Adverse Media and PEP. In this instance, the match for PEP will still be returned as a flag since it was monitored alongside Adverse Media.
How To Enable Risk Monitor Filtering
To have risk monitor filtering enabled for your account, please reach out to success@parallelmarkets.com and provide the list of risk match types that you would like to filter from your dashboard and notifications.