TORONTO, ON--(Marketwired - October 17, 2016) - OutsideIQ's DDIQ corporate due diligence product has been launched specifically to help businesses meet the guidelines of the new International Organization for Standardization (ISO) anti-bribery standard, ISO 37001.
The newly announced ISO 37001 requires companies to perform due diligence on projects and business associates. Companies must demonstrate to their board of directors, customers, partners and regulators that they have an anti-bribery management system in place to take the reasonable steps to prevent bribery. As part of the new standard, reporting, monitoring, investigation and review is required of a company's business relationships, as well as connected relevant parties.
DDIQ® produces an automated due diligence report that businesses can use to evaluate discovered risks that can be immediately used to make key decisions. With the growing number of data sources available, the product's cognitive computing engine searches thousands of international structured and unstructured sources to cut through false positives and accurately flag potential risk issues on a subject. It is being used today by leading financial institutions, insurance companies and multinational companies across the globe operating in heavily regulated environments.
"Billions of dollars in penalty costs are being paid by companies as a result of bribery and other unethical behavior that isn't being detected by compliance teams," said Dan Adamson, Founder and CEO, OutsideIQ. "ISO 37001 is proof that companies are being held to a higher standard. With the new technologies incorporated into DDIQ, this level of due diligence does not have to be expensive or a burden for businesses."
DDIQ has been programmed to think like an investigator and automatically flags risks in an auditable report. The technology also has a monitoring feature which reviews risk on an ongoing basis vs. one-point-in-time. This means if an issue occurred overnight with a vendor, supplier or account holder, the compliance team would have this information in the form of a risk alert when they arrive at the office. Rather than continue to do highly manual research, screen shot capture and PDF creation for auditability, compliance staff review the DDIQ automated report and make more informed decisions about that flagged risk immediately.
Product features of DDIQ:
- Provides ancillary searches on key stakeholders. Due diligence is automatically conducted on officers and directors of review company entities and any found risks on these subjects will be included in the DDIQ company report for review and adjudication.
- International, multi-language and jurisdictional due diligence. DDIQ has the ability to search for risk in more than 48 languages and continuously adds international sources and new language translation capabilities, automatically expanding the scope of its due diligence based on the information it learns about the third party.
- More advanced investigation than a Google search and watchlist screen. DDIQ's machine learning algorithm searches thousands of international structured and unstructured sources, investigating and analyzing the open web and deep web for anything relevant published about the third party.
- On-going risk monitoring. DDIQ automates regular scanning of the open web for new risks on your subject so compliance teams can make more informed decisions. All content is presented in comprehensive categories with a full audit trail of the investigation.
For more information about DDIQ visit www.ddiq.com.
OutsideIQ is the leader in due diligence cognitive computing and search. OutsideIQ brings together some of the world's foremost experts on search with the best data scientists, big data professionals and software engineers to solve the complex problems of search for due diligence. Leveraging a proprietary approach to research via automated data-sifting with the data-interpretation skills of a human researcher, OutsideIQ is changing the way that businesses vet their customers and handle their complex compliance requirements. For more information on OutsideIQ, please visit www.outsideiq.com.