OutsideIQ, the leader in investigative cognitive computing, with the help of SAP Ariba, will leverage its DDIQ platform as part of its solution aimed at helping companies manage risk in their supply chains.
OutsideIQ’s DDIQ assists organizations with their compliance and risk assessment reporting needs. Now used in top global financial institutions, investment firms and Fortune 1000 companies, DDIQ uses artificial intelligence to simulate the cognitive processes of a human researcher to generate risk profiles on individuals and companies that are otherwise time consuming, error-prone and costly to discover manually. SAP Ariba will use DDIQ as part of its SAP Ariba Supplier Risk solution to monitor third-party suppliers and enable customers to minimize risk, reduce reputational damage and meet compliance regulations.
DDIQ produces automated due diligence profiles against corporate entities and individuals. The platform has been launched to help businesses meet their regulatory guidelines and reduce the costly reputational research for inappropriate behavior or illegal practices among a company’s third-party suppliers. The product’s cognitive computing engine searches the open and deep web’s vast amount of international structured and unstructured sources to cut through false positives and accurately flag potential risk issues on a subject.
“Regulators around the world have high expectations regarding the level of knowledge organizations have about the practices of those in their supply chain,” says Dan Adamson, founder and CEO, OutsideIQ. “But traditional compliance is expensive. Corporations need a faster, easier way to provide auditable due diligence reports and avoid exposure to costly fines imposed by regulators or significant reputational damage.”
“As supplier relationships continue to evolve in sophistication and global scale, companies need to be responsive to changing conditions particularly in high risk environments impacted by regulations,” says Padmini Ranganathan, vice president of products and innovation, SAP Ariba. “In leveraging OutsideIQ’s DDIQ platform, we can provide companies with the real-time awareness and transparency they need to proactively identify risks related to regulatory and legal compliance and make informed decisions to mitigate it.”
DDIQ has been programmed to think like an investigator and automatically flags risks in an auditable report. The technology also has a monitoring feature, which reviews risk on an ongoing basis versus one-point-in-time. This means if an issue occurred overnight with a vendor, supplier or account holder, the company would have this information in the form of a risk alert when they arrive at the office. Rather than continue to do highly manual research, screen shot capture and PDF creation for auditability, compliance staff review the automated report and make more informed decisions about that flagged risk immediately.
Product features of DDIQ:
- International, multi-language and jurisdictional due diligence. DDIQ has the ability to search for risk in more than 48 languages and continuously adds international sources and new language translation capabilities, automatically expanding the scope of its due diligence based on the information it learns about the third party.
- More advanced investigation than a web search and watchlist screen. DDIQ’s machine learning algorithm searches thousands of international structured and unstructured sources, investigating and analyzing the open web and deep web for anything relevant published about the third party.
- On-going risk monitoring. DDIQ automates regular scanning for new risks on your subject so compliance teams can make more informed decisions. All content is presented in comprehensive categories with a full audit trail of the investigation.
- Provides ancillary searches on key stakeholders. Due diligence is automatically conducted on officers and directors of suppliers and any found risks on these subjects will be included in the DDIQ report for review and adjudication.