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If you’re a risk manager, the creation of an efficient and effective risk management workflow should be at the top of your priority list. Because risk managers are now juggling so many pieces, it can too often seem like you can have fast or effective risk analysis, but not both.
The idea that you must choose between a well-informed due diligence investigation or an expedited one with a greater potential for blind spots is a false narrative. With risk management tools and applications that enable comprehensive, timely searches and include a range of sanctions lists, the ability to customize your investigations means you can have a fast and comprehensive risk management workflow without sacrificing accuracy.
In this article, we will discuss the common pitfalls that make risk management workflows and show you how Nexis Diligence+ avoids those pitfalls.
Risk managers face a constant deluge of data from a variety of sources, making it increasingly difficult to aggregate and organize data, as well as glean clear insights in a timely manner.
For example, countries worldwide are developing new regulations to meet the growing calls for ESG and human rights due diligence. For a business, you need to be on top of these changing regulations and sanctions to make sure you don’t get hit with costly consequences.
But, keeping up with these lists is an on-going and extensive process, and you can’t avoid consequences by saying you were unaware of the law or that your partners were implicated. It is now necessary to actively have a recognizable and recorded process to prove you were doing your best to follow the law.
Because of this responsibility and the massive amount of data to assess for risk, the process is impossible to do by hand in an efficient way. When analysis is not expedient, especially when we acknowledge the constantly changing nature of sanctions lists, the delay in making risk assessments and decisions can cause an organization to face unnecessary legal, financial, and reputational damage. Additionally, incomplete due diligence puts you at risk of breaking the law, even unwittingly.
It is nearly impossible for risk managers to keep up with who is on each of these watchlists or sanctions lists without automated monitoring. The lists shift every single day in accordance with the laws and how each people on the list are being prosecuted. This poses a problem for companies who prize compliance and efficiency.
MORE: The changing roles of risk managers in the age of data, technology, and AI
While we can acknowledge that the old ways are no longer efficient and effective enough to keep up with today’s data flow, what are the solutions to implement efficient workflows?
One of the swiftest solutions is to make use of a third-party data platform that integrates centralize data and the subsequent findings into one easily searchable platform. The centralized nature of Nexis Dilligence+ or Nexis® Data as a Service allows you access all the data you need in one place to make assessments. The unencumbered flow of information available in a single dashboard means everyone can see the fullest picture and make the most secure and informed decisions to best benefit the whole of the company. It enables you to conduct due diligence at scale to quickly identify threats, create in-depth-risk profiles, and even avoid chaos.
The many benefits that come from improving your risk management workflows form a long list. Perhaps the most notable is faster identification and assessment of risks, which gives you the ultimate competitive advantage in your marketplace.
Competitive advantage can also come from proactive risk management which leads to more timely and well-informed decision making. Who doesn’t love the thwarting supply chain issues, the retaining of customers and an increased employee buy-in company-wide?
It also allows you to employ better risk monitoring and set stricter compliance standards, which ultimately helps you steer clear of costly fines and devastating reputational damage.
Whatever your focus is, a streamlined risk management workflow will lead to greater productivity and company efficiency, both of which are essential for continued economic growth.
MORE: How companies can mitigate this rising regulatory risk
When it comes to due diligence for evaluating risk, it’s necessary to have high standards.
Risk managers are empowered to transform their workflows with Nexis Diligence+. We assess risk at scale, connecting you to an unparalleled set of news and data that delivers comprehensive result exponentially faster than ever before.
Our high-value, stable searching capabilities, that let you upload unlimited entities and generate trustworthy reports, streamline your work to the ultimate in efficiency, while offering a condensed view of your data that you can easily export and continually monitor.
Request a trial today.