6 Ways Risk Managers Benefit from Using Data as a Service for Risk Management
14 May 2021 11:13 am by Mark Dunn
When it comes to the data you’re using for your predictive modeling and risk management, you can’t afford to leave anything to chance. You need as much visibility as possible into any and all potential risks regarding your company’s reputation, regulatory compliance, and financial or strategic decisions. And that requires fast and reliable access to high-quality datasets.
Nexis Data as a Service (DaaS) lets risk managers integrate politically exposed persons (PEPs) lists, sanctions, watchlists, adverse media data, and other content into their risk monitoring applications. This means you can use an unmatched depth and breadth of enriched and curated content—delivered via a single entry point, no less—to strengthen and broaden your view into all potential reputational, financial, and strategic risks.
How, exactly? We’re glad you asked. Here are six ways risk managers benefit from using Nexis DaaS for their predictive modeling and risk management efforts.
Risk management benefit #1: PEPs lists, sanctions, and watchlists are expanded
With Nexis DaaS, you can feed critical PEPs, sanctions, and watchlists or adverse media data into a variety of risk monitoring tools and AI applications. Your existing datasets are supplemented with much more dynamic datasets, so your risk reports on customers and partners become that much more informed.
Risk management benefit #2: Previously unknown risks are identified
If your risk management platform isn’t utilising the right quantity or quality of data, then unknown risks are bound to slip through the cracks. By infusing your tools and applications with datasets from Nexis DaaS, you close those cracks and reveal current and previously unknown actions or affiliations that might have otherwise put your organisation at risk.
Risk management benefit #3: Emerging trends are more easily identified
Aside from day-to-day risk monitoring efforts, your predictive modeling also benefits from Nexis DaaS. The greater depth and breadth of content that Nexis DaaS provide makes identifying trends much easier than before. You can spot emerging patterns that could signal potential disruption events, or even spot indicators of an up-and-coming business opportunity.
Risk management benefit #4: Additional risk information becomes available
We touched on this a bit in the opening paragraph, but it warrants repeating: Access to high-quality datasets is critical. What do we mean by “high-quality”? This is data that’s been curated and enriched, so it’s ready for immediate consumption. We put our data through a fabrication, classification and enrichment process. So, you’re not just using big data—you’re using smart data. With access to this kind of content, you gain additional insights into people and companies that could have likely remained hidden.
Risk management benefit #5: Risk monitoring becomes more efficient
This benefit is closely tied to benefit #4. Nexis DaaS cuts down on the time you’re forced to spend on data wrangling—by eliminating the manual task altogether. You simply have to integrate the datasets you need, and you’re off to the risk management races. Your predictive modeling and AI applications will become highly adept at identifying risks because you’re feeding them only high-quality and relevant data.
Risk management benefit #6: Your company’s reputation is better protected
This benefit is self-explanatory, but let’s discuss. Risk managers ultimately want to help their companies avoid risk whenever and wherever possible. Nexis DaaS gives you the relevant data necessary to better protect the value of your brand and your company’s reputation. Whatever specific content you need to improve your risk monitoring, Nexis DaaS can provide it. And that includes datasets from:
- Company Profiles
- Regulatory & Legislative
- Industry Trade Journals
- Analyst Reports
- SEC Filings
Access to high-quality datasets for your predictive modeling and risk management could mean more crises avoided and fewer close calls. So, make sure your view into risk is as comprehensive and informed as possible. You can learn how by visiting our Data as a Service page here.