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How to Better Manage Risk with Proper Due Diligence
There will always be some kind of risk to your business on the horizon. That much is certain. But what about the risk that’s right under your...
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There will always be some kind of risk to your business on the horizon. That much is certain. But what about the risk that’s right under your nose that you can’t even see? Not to sound so alarmist, but the reality of our digitally and economically connected world is that all kinds of strategic, regulatory, financial, and reputational risk can hide in plain sight.
New risks are emerging all the time. And you should do everything in your power to detect those risks (if not predict them ahead of time), so that you can take action that mitigates or eliminates the impact of those risks on your business. But it’s easier than you think to get so distracted about what’s in the distance that you walk straight into what’s directly in front of you.
How does this happen? The wrong due diligence processes can lull you into a false sense of security that everything and everyone that interacts with your business in whatever capacity is safe and properly vetted—when, in actuality, there are gaping blind spots where risk may very well be hiding.
In today’s world, you need to keep a close eye on the risk around you now while also keeping a lookout for the risks that are arriving tomorrow. This requires leaving traditional due diligence processes in the past and instead opt for an enhanced due diligence. Fortunately, providing enhanced due diligence is precisely where Nexis Diligence excels.
Every strategic decision you will make—be it proceeding with a merger and acquisition (M&A), opening a facility in a foreign a control, or hiring a new c-suite member—will eventually net out as a positive or negative for your company.
Should your decision turn out to be a bad one, then your compliance status, finances, or reputation (possibly all three) can take a hit. Likewise, what about the decisions you’ve already made? Let’s say you’ve lacked proper due diligence processes that have indeed left gaps in your risk management. If that’s the case, then you may have already not just exposed your company to risk; you’ve likely entangled your company into at least some kind of eventual fallout—be it from a hidden risk today or one that’ll slip under your radar in the future.
Nexis Diligence grants access to an unmatched, global collection of data that’s been enriched, normalized, and prepared for rapid and comprehensive due diligence on individuals and entities. It makes your entire due diligence process both incredibly efficient and highly thorough. A single search on its intuitive interface returns relevant results across news sources; politically exposed persons (PEPs) lists, watchlists, and blacklists; public records; country risk reports; and more.
And after your initial search, you can then easily refine your results by applying a series of filters. So, anytime you conduct a search as part of a due diligence investigation, you can learn more about an individual or entity in a series of simple clicks than you can via traditional due diligence research methods, which alternatively could need days or even weeks to return the same kind of valuable information. With Nexis Diligence, you can quickly:
You can also integrate PEPs, sanctions, watchlists, and blacklists into your ERM system, as well as to power your machine learning and predictive analytics tools. And with the process automation features available in Nexis Diligence, you can accelerate routine screening and basic due diligence tasks while building a more informed risk assessment.
Are you ready to expose the strategic, financial, regulatory, and reputational risk that might be hiding right under your nose? Adopt an efficient and comprehensive due diligence platform into your risk management—and enhance your visibility of the risks that exist today and the ones that are just on the horizon. Learn more about Nexis Diligence here or request a 7-day free trial!