In a more highly regulated and globalised business environment, many organisations are unable to scale to meet the demands of fraud investigations, corporate search and discovery and due diligence monitoring in an operationally sustainable way.
A 2019 report from Gartner, titled 'Stay Ahead of Growing Third-Party Risk' found that 83 per cent of legal and compliance leaders identified third-party risk after the due diligence period had concluded, but before recertification.
Of those identified risks, 31 per cent resulted in a material impact to the business. According to Gartner, this “fixed point-in-time approach fails to address the risks that arise after due diligence and before recertification”.
To help organisations address this challenge, Analytics Engines has developed MINERVA, an investigative intelligence platform that can be used to detect networks and patterns of corporate activity and third-party risk, enabling organisations to move away from “fixed point-in-time" due diligence processes to real-time, continuous monitoring.
MINERVA is an enhanced search and discovery engine that identifies linkages between complex corporate structures. Utilising machine learning and knowledge graph technologies, MINERVA allows organisations to surface previously unseen (or deliberated obfuscated) connections and identify potential third-party risk by showing linkages between individuals, organisations, events, places and documents.
Dr Scott Fischaber, co-founder and chief operating officer, Analytics Engines, said: "Created with usability in mind, MINERVA is a low-code, no-code, democratised data platform that connects to, and consumes, large structured and unstructured datasets from both public and private sources. The platform allows users to navigate and interpret data easily, through a set of intuitive dashboards which can be configured to address customer-specific requirements. MINERVA can present data in an organisationally meaningful way, providing subject matter and domain experts with the resources and intelligence they need."
MINERVA ingests, processes and connects data in real time, transforming enhanced due diligence and corporate search and discovery from a point-in-time activity into a continuous, real-time process.
The solution is designed to support organisations across finance and banking, legal and criminal investigations, mergers and acquisitions, insurance and public sector by providing them with comprehensive insight and intelligence into the networks that matter most to them.
To find out more, join Analytics Engines on Tuesday November 17 for 'Finding the Needle in the Haystack: How low-code, no-code data analytics solutions reduce complexity, de-risk decision-making and empower business specialists'.
During the webinar, the panel will explore the growing market demand for low-code, no-code data analytics solutions and showcase several real-world examples.
To find out more and to register for this webinar, please visit analyticsengines.com