Intelligent Onboarding and Risk Management: CLEAR Advantages

Thomson Reuters® CLEAR investigative software stands at the forefront of identityverification and risk management, empowering financial institutions and law enforcementagencies to verify customer identities, prevent fraud, and investigate complex crimes. Yet, Thomson ReutersCLEAR investigativesoftware empowersfinancial institutions Hundreds of companies across diverse industries apply CLEAR to streamline their duediligence processes when onboarding new vendors, merchants, service providers,business associates, and other professional partners. It helps strengthen and improve their More fraud, higher risks The landscape for risk management has changed dramatically over the past severalyears. Fraud, deception, and corruption are so widespread that companies cannot be toocareful about the organizations and individuals with whom they choose to do business. Outcomes like these are preventable. Companies that integrate CLEAR into theironboarding and risk-management workflows experience extra layers of security while alsostreamlining their operations and building customer trust. CLEAR can provide the clarity Accurate, efficient onboarding Companies use CLEAR during onboarding to check and verify information aboutbusinesses or individuals they may work with. They often need to confirm basic details,like names, addresses, ownership, and licenses, to make sure the information is accurate.Companies also use CLEAR to ensure that potential business partners are not involved in For example, retailers use CLEAR to ensure that their suppliers are reputable businesses andthat their supply chain is not compromised by any regulatory violations or other legal issues.Some retailers also use CLEAR to detect synthetic identities, identify fake customer accounts, Improved supply-chain protection Companies in otherindustries — suchas healthcare,technology,software, insurance,casino gaming, Manufacturers use CLEAR to protect their supply chains and verify the legitimacy of newsuppliers. Business filings, ownership structure, litigation history, sanctions, negative news— all this information and more can be reviewed during standard know-your-vendor (KYV) Companies in other industries — such as healthcare, technology, software, insurance,casino gaming, and hospitality — use CLEAR for similar reasons. What these organizations Several large healthcare networks in the United States actively use CLEAR to screenpotential new vendors, ensuring that all their suppliers are reputable and reliable In many healthcare organizations, third-party suppliers deliver a wide range of services,including claims processing, patient scheduling, and IT support. To contain costs andimprove operational efficiency, many hospitals also outsource food and laundry services, Healthcare administrators who use CLEAR typically conduct due diligence to screenthese providers. They verify business identity with the CLEAR ID Confirm module and use These searches confirm whether the potential service provider holds proper licenses andremains in good standing. They reveal and flag any bankruptcies, liens, judgments, or courtproceedings in the provider’s history. The system also notes and tags any negative or To speed up the vetting process, users can also run a Risk Analysis Summary (RAS) report,which is a brief, AI-created verbal summary of the risk factors revealed during the searchand a short assessment of the severity of any risks that are revealed. If certain risk factorsgo beyond pre-determined thresholds, the RAS provides links to the source material for Industry case study: Manufacturing CLEAR alerts usersand provides cluesthat can help Large manufacturers use CLEAR for similar reasons, but they often manage a vast, global When companies trade internationally, they focus on two main goals: protecting theintegrity, quality, and reliability of their supply chain, and ensuring their supply chain does To meet federal regulations and secure strong assurances, large manufacturers andmultinational companies often go beyond checking their Tier 1 vendors. They also review Obtaining such detailed information can be challenging because suppliers in other partsof the world often do not respond to disclosure requests, even when these requestscome from the parent company that ultimately pays them. While a CLEAR search may notuncover every violation in a complex supply chain, it does aggregate relevant information Industry case study: Retail and service Offered as standalone modulesor packagedtogether, CLEAR’sversatility allows Retailers, property managers, and service providers leverage CLEAR to vet individuals andbusinesses entering their ecosystem, ensuring they are legitimate and trustworthy. Whenmerchants sell goods or accept payments on behalf of a larger organization, protecting As with other businesses and industries, those in the retail and service sectors can useCLEAR ID Confirm to verify the legitimacy of merchants entering their network, CL