Big data for risk management
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Why use big data for risk management
At present, companies are structured in such a way that the performance of an organisation has an impact on the entire supply chain. This may lead to a negative impact on the risks companies take. This is caused by, among other things, increasing globalisation and the growth in the field of digital communications.
Organisations become more agile by using big data to support risk and compliance activities. As a result, you can identify risks and entities proactively. All of this is possible by using real-time analysis with big data. In today’s dynamic corporate environment, this can translate into a competitive advantage in several important work areas, from compliance to supply chain management.
Alleviating the compliance burden using big data analysis and automation
For companies faced with a regulatory environment, big data analyses have a lot to offer.
Computers can record, compare and analyse much larger numbers of data and variables accurately, compared to their human counterparts. Companies use this increased capacity to identify compliance problems early, enabling them to switch from reactive to proactive risk management. In this way, they prevent threats before they become a problem.
Automating these processes helps to reduce costs, improve compliance efficiency and mobilise new human resources for tasks requiring emotional intelligence.
Relevant data for effective risk management
Many people use artificial intelligence and big data as a supplement to existing due diligence and third-party risk monitoring processes. Whether you want to integrate data into internal systems or use machine learning and predictive analytics to improve the visibility of risks, you need access to relevant data.
LexisNexis can help with this. Our unprecedented source universe has a flexible, normalised structure that is ideal for integration into proprietary applications.
Which types of data can LexisNexis provide?
- PEPs, sanctions and watch lists: 1.5 million PEPs, international sanctions lists and more than 1,400 watch lists and blacklists originating from enforcement bodies from 240 countries.
- Corporate information: data on 280 million worldwide public and private companies. These contain important indicators for financial stability.
- Legal: essential regulatory and legal information, inclusive of VAT, about civil and criminal cases covering several jurisdictions.
- Licensed print, broadcast and web news: news from leading daily newspapers plus transcriptions of radio and television programs. Access to 80,000+ news sources from 100+ countries, in 75 languages.
- Online news, blogs and social comments: access to both licensed and open source data. This also includes magazines, trade journals, news reports and press releases.
Do you want to know more about the possibilities of our data? Please contact us using the form below.
Yes — LexisNexis provides datasets in a normalised structure and using flexible APIs, to enable you to link them to internal systems, dashboards or machine-learning workflows.