Outside IQ – Uncovering Risk
Outside IQ – Uncovering Risk
Financial services firms have an affirmative responsibility to know their clients and to make sure they avoid doing business with bad actors, be they criminals, terrorists, etc. Large banks and financial institutions have hired a staff to perform manual screening, but there is at least one technology solution I’ve encountered that can automate much of the process.
DDIQ from Outside IQ is a cognitive computing platform that thinks like an investigator. Outside IQ claims that it identifies risk earlier with faster, more accurate due diligence by intelligently evaluating structured and unstructured content. It searches not only the Internet, but also regulatory information, global media, the US Treasury’s Office of Foreign Asset Control (OFAC) and the deep web.
Essentially, Outside IQ took the intellectual property of financial crime, risk, regulatory and compliance experts and programmed it into their software. The software then makes use of artificial intelligence and search technologies to uncover and flag potentially risky person and companies that are either current or potential clients of you firm.
Outside IQ claims that their solution is scaleable and customizable. In addition, it can provide automated risk classification and tunable screening filters.
DDIQ can help uncover other types of risk as well. For example, it can help with third party and vendor screening, reputational due diligence, and investment due diligence. Results are available through a web portal, a PDF file, or through an API.
While DDIQ is probably overkill for small RIA firms, larger enterprises could no doubt benefit greatly from this service. For further information, visit http://www.ddiq.com/technology/.
