Alacra has added OutsideIQ’s DDIQ automated due diligence reports to its Alacra-On-Demand research fulfilment service and will add the reports to its Alacra Compliance Enterprise client onboarding solution later this year.
OutsideIQ’s DDIQ reports are based on algo searches of the web and open source corporate data, complementing Alacra’s searches of licensed data services and delivering fast, comprehensive and global due diligence information. The reports provide links to data sources, making them fully auditable.
Users of Alacra-On-Demand, such as banks, private equity firms, law firms and corporates, are expected to use DDIQ reports for ad hoc risk assessments, while users of Alacra Compliance Enterprise will be able to use an application programming interface to search both Alacra and DDIQ sources and receive due diligence reports.
Steve Goldstein, vice chairman of Alacra owner Opus, says: “Alacra customers consistently ask us to identify new sources of information to help evaluate and reduce risk. DDIQ makes amazing use of artificial intelligence to create reports and provide a fast and effective view of an entity’s risk profile that can be used for enhanced due diligence.”
To deliver DDIQ reports, OutsideIQ has built a cognitive computing platform and trained it using financial crime investigators to discover and locate content in the same way as a human investigator. Dan Adamson, CEO of OutsideIQ, explains: “The platform produces a quick, automated view of companies and individuals, and provides auditable reports that go deeper than most investigations and include consistent due diligence information that would take a person many hours to build.”
DDIQ reports are available immediately as part of the Alacra-On-Demand service and are due to be accessible through Alacra Compliance Enterprise in the third quarter of this year.