LexisNexis Introduces Due Diligence Dashboard

LexisNexis Introduces Due Diligence Dashboard

LexisNexis is pleased to provide you with yet another tool to manage your risks and provide exceptional client service:   Due Diligence Dashboard!

What is Due Diligence Dashboard (DDD) and what does it do?

LexisNexis® Due Diligence Dashboard (DDD) empowers law firms to mitigate their financial, legal, and reputational risk and reduce liability by understanding their prospects, clients, litigation opponents, IPO/M&A targets, and other business associates in a quick and comprehensive manner.  With this web-based research application, users can efficiently investigate companies and individuals, explore their affiliations, and develop a comprehensive profile -- all with a single search. 

How will it benefit your firm? 

People don't always tell the truth - Due Diligence Dashboard does.  Unethical or financially strapped clients can take a tremendous toll on a firm's bottom line and reputation.  Before taking on new clients, firms should protect their interests by conducting in-depth due diligence.

With DDD, a single search can provide you with a complete picture of a company or individual via materials such as negative news; litigation in which the client is or has been involved; company financials and credit; public records including bankruptcies, liens, and judgments; and regulatory watchlists.  Alerts enable firms to monitor their clients for any red flags that may arise along the way.

  • Risk mitigation: Firms can mitigate financial, legal, and reputational risk by knowing with whom they do business.
  • Comprehensive & efficient: A federated search across news, public records, company profiles, legal, and regulatory records eliminates the need for firms to perform separate searches of individual databases one-by-one.
  • Highly targeted content set: Content is pre-selected based on relevance to the due diligence process, which takes the guesswork out of finding the right sources.
  • Ease-of-use: Search intelligence is built-in behind-the-scenes, ensuring precision results without requiring search expertise.
  • Timely: Alerts help you monitor important changes in financial health, litigation activity, and potential conflicts of interest that may arise after client intake.

This product will assist the client intake team at your firm responsible for vetting new clients and new matters.  DDD will enable this group to check for financial stability, conflicts of interest, and to avoid the legal penalties, costs and reputational damages that can result from connections with unethical business partners.

DDD will allow firms like yours to research potential clients and other associates; compile and organize detailed due diligence reports; maintain an audit trail documenting their research; and create alerts that monitor entities for pertinent changes. No other LexisNexis offering combines news, business/financial content, public records, sanctions, regulatory checks, and litigation filings into a single solution for vetting companies and individuals.

Why conduct due diligence?

To avoid risks, including:

  • Financial Risk

o   client solvency issues

o   failed business transactions

o   slow payments from clients

o   supply chain disruption

o   legal judgments/fines

  • Legal/Regulatory Risk

o   lawsuits

o   regulator probes

o   sanctions due to compliance violations (with FCPA, SOX, Dodd-Frank, UK Bribery, etc.)

  • Reputational Risk

o   brand value decline

o   customer loss due to scandals and bad PR

When should a firm conduct due diligence?

  • When accepting a new client or matter
  • When prepping for litigation
  • When representing clients in a merger, acquisition, public offering, or other transaction
  • When establishing business relationships with any third parties, including: suppliers, vendors, service providers, resellers, distributors, channel partners, contractors, and other agents - particularly overseas

LexisNexis® Due Diligence Dashboard (DDD) empowers law firms to mitigate their financial, legal, and reputational risk and reduce liability by understanding their prospects, clients, litigation opponents, IPO/M&A targets, and other business relationships in a quick and comprehensive manner.  With this web-based research application, users can efficiently investigate companies and individuals, explore their affiliations, and develop a comprehensive profile -- all with a single search. 

Your firm can run comprehensive, in-depth due diligence research on a company or individual - all in a single search by simply filling in a form and checking off which databases to include.  This is the only LN product that allows you to run a single search and retrieve results covering the legal, news, public records (including OFAC, PEP and other watchlists), and company profiles.

How will this tool provide better client service?

When your law firm is well informed about its own clients and business partners - via the due diligence process - you can better serve all of their customers. 

For instance, with a thorough due diligence process in place, your firm won't likely suffer a reputational blow that could come with an investigation from regulators concerned about the shady dealings of a person or company tied to the firm; you'll avoid such ties by vetting all players.  By maintaining your public image for ethical behavior and quality, the firm's client's benefit, for one reason, they don't have to consider switching firms due to a scandal. 

A firm's clients also benefit from the firm's due diligence practice when represented in litigation (and the firm has thoroughly investigated the opposing parties) or business transactions, such as IPOs or M&A (and the firm has a deep understanding of all players, risks, and liabilities).

How can I find out more information about Due Diligence Dashboard?

Contact your LexisNexis Representative today!  New customers can call 800-458-9411 or request more information online.

Happy Researching!