The legacy systems and processes that have traditionally been used for onboarding purposes are cumbersome, time consuming, and costly. Consequently, financial institutions (FIs) have begun overhauling their strategies to facilitate digital transformation.

External data is the frictionless solution. 

Via the use of external data, FIs can seamlessly analyze key metrics that provide a snapshot of a business’ financial health. One such metric is the overall number of court judgments associated with a business. 

What are Judgments?

Judgments are court decisions in which an entity (person or business) is ordered to pay a plaintiff.

They serve as a key indicator of financial stability and also provide insight into the quality of an organization’s overall business practices — the cumulative count of judgments will be lower for a business that operates in good faith. It is also important to understand to whom and for what purpose the judgment has been made.

Ongoing Due Diligence

FIs can no longer think of due diligence as a box-checking exercise to be completed immediately prior to client onboarding. Best business practices demand systematic, ongoing, and dynamic risk assessment strategies throughout the lifecycle of the business relationship. 

If companies periodically track pertinent metrics that provide snapshots of business partners’ financial health, like judgment counts, it can indicate whether trouble is on the horizon. 

Automating the Tracking of Judgement Counts

The number of active judgements associated with a business is a matter of public record. 

FIs can obtain this information by running a business’ credit check or by searching state-specific public records. This manual process is time consuming, making it difficult to implement in the context of a workflow.

Demyst’s Judgment Counts API recipe automates the process and allows FIs to quickly and efficiently make informed risk assessment decisions. 

Demyst is connected to a plethora of data partners, and the platform can be used to identify and analyze hundreds of due diligence metrics along with pertinent metrics for other use cases. 

Sign up for your free Demyst account and deploy the external data that answers your business questions today.