Better risk management for corporate industries

Although Thomson Reuters CLEAR investigative software is typically thought of as a tool used primarily by financial institutions and law enforcement, the software’s powerful identify verification and fraud protection capabilities are also useful for retailers, insurance companies, healthcare providers, and other non-financial organizations.

For example:

• Manufacturers use CLEAR to screen new vendors in their supply chains and comply with international trade regulations.
• Retail and service companies use CLEAR to verify the legitimacy and integrity of merchants entering their networks and protect against fraud.
• Insurance companies use the software for identity verification and to investigate fraudulent claims.
• Healthcare providers use CLEAR to verify the legitimacy of third-party providers for all kinds of services, from food and laundry to lab testing, diagnostics, and telehealth.

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Why regular businesses need CLEAR

Companies in dozens of different industries—from tech to casinos—use CLEAR to improve compliance, strengthen risk management, and conduct due diligence. However, it’s important to understand that how these organizations use CLEAR (and why) differs significantly from the ways in which law enforcement and financial institutions use the software.  

The main reason most non-financial entities use CLEAR is to avoid doing business with individuals or other businesses that could threaten or damage their operations, reputation, or finances. Some companies also use CLEAR to ensure compliance with industry-specific regulations, such as the need for child/family service organizations to conduct background checks on service providers.  

These organizations must protect themselves because fraud, corruption, malfeasance, and misinformation have become so widespread that failing to take reasonable precautions has become a dangerous risk factor all its own. In some cases—such as regulatory compliance—failure to identify bad actors or suspicious activity can even be illegal.

Why CLEAR outperforms the rest

CLEAR offers regular business organizations several features and advantages that cannot be replicated using publicly available search engines or other investigative products.  

To begin with, CLEAR is specifically designed to search public records databases (legal filings, vital statistics, property records, business registrations, professional licensing, state and federal agencies) and extract hard-to-locate data. CLEAR also has access to proprietary databases maintained by Thomson Reuters, and scans sanctions and watch lists that are regularly updated. Continuous database monitoring and scanning of adverse media are other popular features that are difficult to duplicate. 

Each company and industry is different as well, so no single approach or interface works for everyone. To get the results they need, CLEAR users can customize their search parameters to target information sources relevant to their industry and set up alarms to alert them when an issue is flagged.  

CLEAR is also designed to search the broadest universe of publicly available data in the most efficient possible way, saving users both time and aggravation. Indeed, ease-of-use is one of CLEAR’s strongest selling points. Once a user has set up their risk profile, accurate search results are delivered in seconds, and 24/7 monitoring functions make it unnecessary to conduct multiple searches of the same subject over time.

Inferior tools leave businesses vulnerable

Many companies don’t see the need to add a tool like CLEAR to their risk-management toolkit because they believe other options, often free, are sufficient. However, public search engines only focus on the most popular results, not the most relevant ones. Other identity-verification products also can’t delve as deeply into public databases where the most valuable information is often hidden. 

Companies relying on these inferior search engines for due diligence may inadvertently put their business at risk. Today’s criminals and fraudsters use technologically advanced methods to swindle, deceive, steal, and launder money in increasingly innovative ways. Without matching these tactics with sophisticated defenses, companies make it easier for unscrupulous actors to exploit them. 

On the other hand, companies that take these threats seriously and use tools like CLEAR to enhance their onboarding and compliance processes are much less likely to fall for fraudsters’ schemes, enter risky business relationships, or face penalties for compliance violations.

The tool for protection and peace of mind

It’s unfortunate, but the advances and advantages of digital technology have also given criminals and fraudsters an extremely effective set of tools to work with and profit from. Rapidly evolving technologies and increasingly stringent regulations mean businesses are only going to have to work harder to protect themselves in the future. 

The complex nature of these threats requires an equally powerful deterrent. Business leaders who fortify their risk-management processes with CLEAR are not only taking the necessary steps to protect their business and customers, but they are also giving themselves the peace of mind that comes from knowing that they have done everything they can to prevent the worst from happening.  

To find out more about how Thomson Reuters CLEAR investigative software is helping non-financial companies minimize risk, download the whitepaper, “Intelligent onboarding and risk management: The Thomson Reuters CLEAR advantage.”  

White paper

Intelligent onboarding & risk management: The Thomson Reuters CLEAR advantage

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