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Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding

OutsideIQ_homepage_Mar2016

You say you wanna revolution in due diligence, but would love to see the plan?

OutsideIQ has leveraged its strengths in cognitive computing and natural language processing to deliver an automated due diligence solution, DDIQ. The technology uses web and deep web interrogation to produce individual and corporate due diligence reports quickly, potentially revealing information not readily available through more traditional techniques.

Since the technology was launched last March, Dan Adamson, CEO and founder of OutsideIQ, said from the Finovate stage that more than 30 financial institutions have adopted the technology—”including several leading global banks.” For their Finovate debut, OutsideIQ presented DDIQ for Onboarding. This implementation is designed make the onboarding process faster and less expensive compared to traditional methods. Moreover, in addition to enabling onboarding teams to “go deeper” in their investigations, DDIQ for Onboarding ensures that the process is “completely auditable to satisfy worldwide regulatory demands.”

Company Facts:

  • Founded in January 2010
  • Headquartered in Toronto, Ontario, Canada
  • Dan Adamson is CEO

OutsideIQ_stage_FEU2016

Pictured (left to right): OutsideIQ CEO Dan Adamson and COO Joe Oswald demonstrating DDIQ at FinovateEurope 2016 in London.

Explaining the technological “magic” behind DDIQ, Adamson described “thousands of intelligent crawlers” now analyzing the risk.

They are going through publicly available, open web content such as social media sites, blogs. They are going through deep web content, such as regulatory sites. They are going through premium content, such as watch list providers and PEP (politically-exposed-person) list providers. Combining all that together.

“The more they learn about the risk, the better (able) they are to make a true assessment of that risk,” Adamson said. “The whole key here is efficiency for the researcher.”

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DanAdamson_OutsideIQWe spoke with OutsideIQ CEO Dan Adamson briefly during rehearsal day at FinovateEurope. After the conference we followed up with a few questions by email about his company and how DDIQ can help financial institutions and others improve their ability to conduct due diligence.

Finovate: What problem does OutsideIQ solve?

Dan Adamson: DDIQ creates automated due diligence reports with premium, open web and deep web sources using cognitive computing and search algorithms that emulate an investigator. These reports are otherwise expensive and time consuming to produce manually. These report can be used for client onboarding, vendor onboarding, investigations, remediations, account refreshes, and other activities that require research.

 

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Finovate: Who are your primary customers?

Adamson: DDIQ’s primary customers are financial institutions, Fortune 1000 corporate clients, leading consultancies, and insurance companies. These institutions use DDIQ for everything ranging from lighter KYC requirements, clearing alerts, sanctions screenings to deeper enhanced due diligence and investigations.

Finovate: How does DDIQ solve the problem better?

Adamson: Most technologies in this space are simply aggregators of content, while our system thoroughly scans and assesses sources for more accurate due diligence risk reporting. It learns about its subject, much like an investigator does, so it can assess if a piece of content is relevant and not just a keyword match.

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Finovate: What in your background gave you the confidence to tackle this challenge?

Adamson: OutsideIQ’s staff of data scientists, big data professionals, and software engineers have developed DDIQ. This system has been trained by some of the world’s leading authorities on regulatory compliance and financial crimes at Exiger, a leading GRC services firm. (Note: Adamson is a former Microsoft search-technology strategist.)

Finovate: Where do you see OutsideIQ a year or two from now?

Adamson: Cutting-edge, automated technology is the only way to keep up with increasingly stringent regulatory requirements in an auditable, cost-efficient manner. We believe DDIQ will become the gold standard for clients’ automated due diligence research.


Check out OutsideIQ’s demo video from FinovateEurope 2016.