Diligent unveils AI-driven due diligence reports for firms
Diligent has announced the launch of its AI-powered due diligence reports, aimed at enhancing supplier and third-party risk management for organisations.
The reports are intended to address the growing regulatory demands and the complexities inherent in modern supply chains.
They are designed to assist chief compliance officers, general counsel, and other risk professionals to make decisions more efficiently amidst increasing compliance burdens and resource limitations.
"As supply chains become more complex and face heightened regulatory scrutiny, businesses are increasingly exposed to reputational and compliance risks," said Amanda Carty, General Manager, Compliance at Diligent.
"For years, Diligent has set the standard as a leading comprehensive screening tool. Now with AI-powered due diligence reports, customers benefit from an even more efficient, scalable, and risk-based approach to managing third-party risk — while still having access to in-depth, analyst-led investigations when required. This enables faster decision-making, better compliance outcomes, and more robust risk management practices."
The AI-powered reports consolidate significant risk data from various sources such as global sanctions watchlists, politically exposed persons (PEPs) databases, and adverse media outlets. This consolidation provides a comprehensive view of third-party risks. Diligent's reports also cater to specialised assessments that align with specific risk areas, including environmental, social and governance (ESG) and human rights.
Further insights can be garnered through Enhanced Due Diligence (EDD) and Open Source Investigations (OSI), which assess risks and verify details through thorough research. This ensures robust compliance and oversight throughout supply chains.
Key features of the AI-powered due diligence reports include one-click access to an intuitive overview of third-party risk, comprehensive risk coverage from an assortment of data sources, the flexibility to automatically assess low-risk entities while escalating high-risk cases for further investigation, and seamless integration with Diligent's Third-Party Risk Management platform.
The integration of AI assessments with Diligent's solution aims to streamline workflows by incorporating risk modelling, automated workflows, and advanced reporting.
This is expected to lead to efficiency gains, allowing compliance teams to reduce manual intervention and concentrate on high-value tasks while expediting compliance decisions.
