does Risk Values meet its design criteria? Yes, it does: RV1 does not require any information as to name, race, religion, colour or place of residence or origin of the customer; RV1 takes data that all financial services businesses can capture as a part of their account opening procedure; RV1 processes that data through a protected specially developed algorithm to produce a Risk Value for that customer; RV1 is resident on the computer systems of the financial services business; the Risk Value is output as a value between 1 and 10; indications are that RV1 achieves accuracy in approximately 72% of cases; entry level price (stand-alone version) is at only USD1,000 so making RV1 a very inexpensive product for small businesses and those in developing economies; the stand-alone version works with one-click installation; the network version works as soon as your IT department hooks it into your existing data capture and reporting system; RV1 can be integrated into your existing transaction monitoring and customer profiling systems; results are immediate with no need for additional data collection for comparative purposes; there is no need for user training. with regard to data protection, whilst the institution has the questions and the answers, and it has the Risk Value, it has no means of knowing how that information is assessed. No calculation data is recorded or stored and therefore is not available for disclosure. Accordingly, information which can be demanded under data protection legislation is limited to the answers to the data set and the fact of the Risk Value. The institution may have to disclose how it uses that risk value, but its own advisers will be able to tender appropriate advice on this point.

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