Case Study: Exiger’s DDIQ automates due diligence verification using OpenCorporates’ data – helping identify risk at scale

“OpenCorporates’ data, when combined with Exiger’s DDIQ, enables our clients to verify who they are doing business with and uncover risk at scale. Millions of due diligence reports produced by DDIQ are driven in some way by OpenCorporates’ data, helping financial institutions and global companies mitigate corruption, financial crime and other integrity risks”.
Aaron Narva, Senior Vice President, Exiger

Challenge

Due diligence has traditionally required researchers to spend most of their time conducting manual repetitive processes to collect information about prospective customers – in order to verify who they are and identify risk.

Exiger approached OpenCorporates during the early stages of building DDIQ, an award-winning AI-powered tool designed to save researchers time and effort by automating the information gathering required for effective due diligence. 

Their challenge was to find an authoritative source of global company information to feed into DDIQ, helping Exiger’s clients increase speed and accuracy during the initial verification phase of due diligence.

Having tried to build systems to collate information directly from many different company registries, Exiger instead entrusted OpenCorporates as an authoritative source of global company information to power their automated due diligence process.

Solution

Exiger chose OpenCorporates as one of the first data sources to connect to DDIQ via our API service. This allows DDIQ to call on our data whenever a user searches for the name of a person or company they want to conduct due diligence on. 

Accessing our data via the OpenCorporates API means that DDIQ users can rely on data which is:

  • High quality: ensuring accurate verification
    Allowing DDIQ users to call on OpenCorporates’ data helps them more accurately confirm that they have found the correct person or company to research. This verification step, and by extension OpenCorporates’ data, plays a foundational role in DDIQ’s automated due diligence workflow, as the tool then analyses many different sources (including sanctions lists, legal records and negative news records) to look for risk connected to that entity.

  • Multi-jurisdictional: providing global coverage
    OpenCorporates’ data contains company information from over 130 jurisdictions, meaning Exiger can provide global users of DDIQ with multi-jurisdictional insight via a single subscription.

  • Flexible: ready to scale with Exiger’s growth
    Our API offered a flexible solution to provide the data DDIQ clients need, which was also easy to scale up as demand increased from users.

  • Provenanced: allowing clear line of sight
    Since OpenCorporates shows the official source from which all datapoints originate, DDIQ users can provide an audit trail to their stakeholders that stretches back to official company registers.

Results

  • Identifies risk more effectively
    Over a million DDIQ due diligence reports have been driven in part by OpenCorporates’ data, helping financial institutions and companies worldwide uncover links to corruption, financial crime and other integrity risks amongst their third parties.
  • Enables a sustainable due diligence approach
    With OpenCorporates’ data, DDIQ is able to reduce the manual effort required to conduct due diligence, therefore creating a more sustainable approach that allows researchers to focus on analysing risk.
  • Increases accuracy of key verification step
    OpenCorporates’ data allows DDIQ users to more accurately pinpoint the companies or people they need to conduct due diligence on. This vital step helps DDIQ reduce the number of false positives that can arise further in the due diligence process by more than 80%.

An indicative profile illustrating OpenCorporates’ foundational verification role in DDIQ’s automated due diligence workflow.

Client: Exiger

Exiger is the global authority on financial crime and risk compliance introducing technology-enabled solutions that make the world a safer place to do business. Exiger is changing the way banks, corporations and governmental agencies fight financial crime by combining industry expertise and artificial intelligence to root out bribery, corruption, sanctions violations, money laundering and terrorist financing. In recognition of the growing volume and complexity of data and regulations, Exiger is committed to working with clients to create a more sustainable compliance environment through its holistic and innovative approach to problem solving. Powering its Advisory, Diligence and Government Services solutions, Exiger has developed purpose-built technology – DDIQ and Insight 3PM – trained and deployed by its subject matter experts to accelerate the auditability, efficiency, quality and cost effectiveness of clients’ compliance operations. Exiger operates in six countries and nine cities around the world, including London, New York City, the Washington, D.C. metro area, San Antonio, Toronto, Vancouver, Bucharest, Hong Kong and Singapore.

About OpenCorporates

OpenCorporates is the largest open database of company information in the world, containing information on over 180 million companies in 130+ jurisdictions, all from primary public sources. Founded 10 years ago, it is a public-benefit company, whose primary public-benefit mission is to make company information more accessible, more useful and more usable. 

Public-benefit and private organisations rely on OpenCorporates’ data to power investigations into illicit activity, KYC solutions and business intelligence efforts.

OpenCorporates has a unique structure with a set of world-renowned trustees to guarantee its independence and its public-benefit mission. This governance, data and expertise is allowing it to become the world’s underlying supplier of foundational company data for the good of business and for society.

Start Using OpenCorporates’ Data Today

OpenCorporates provides trusted legal entity data for major commercial and public-benefit organisations. 

Find out more about our data >

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