Exiger — Transforming Risk Management in Fight Against Fraud and Financial Crime

When designing an enterprise product, companies need to ensure that it delivers what it has promised to its customers. Today, we live in a very complex business environment with strong regulations designed to protect all parties involved in business activities. This is why businesses need robust compliance to safeguard these legal requirements as well as protect their partners and their customers.

Exiger is the global authority on financial crime and fraud revolutionizing the way banks, corporations and governments manage risk through its combination of practical expertise, award-winning technology and process excellence. In recognition of the growing volume and complexity of data and regulation, Exiger is committed to creating a more sustainable compliance environment through its holistic and innovative approach to problem solving. Powered by DDIQ and Insight 3PM, Exiger takes an analytics-led, technology-enabled approach to everything it does. Exiger operates out of 11 offices with more than 500 employees around the world.

The History of Exiger

Exiger was founded by two senior executives, Michael Cherkasky and Michael Beber, to inspire the next stage of innovation and evolution in the governance, risk, and compliance area. Their previous work of managing, investigating, and mitigating risks together for over 20 years helped them understand that companies needed to move from a reactive posture to a proactive posture.

The first assignment awarded to Exiger was the HSBC monitorship, which was also the largest corporate compliance monitorship in history. Exiger quickly became a global compliance leader and a light bearer for efficient and effective compliance and risk management.

As the initial engagement grew, the founders realized that the future of compliance and risk management was rooted in the ability to interrogate data. Companies needed smart technology and smart processes to manage risk in today’s data-heavy environment. And so, Exiger started investing in and acquiring companies. This helped it develop and create artificial intelligence and advanced machine learning algorithms that could help organizations make effective decisions easily. Through Exiger’s acquisition of a small due diligence business it transformed into the market leader in IPO, SPAC and ICV due diligence . The company has expanded its initial revenues by over 20 times in the last four years in corporate risk management.

The second thing that Exiger noticed was that the federal government, specifically the US federal government and its allied partners, were all looking to use open-source data to manage risk better — very similar to what banks have been doing for years. So, Exiger invested heavily into its subject matter expertise in a few specific domains.

Thirdly, Exiger prioritized third-party risk management and supply chain risk management from a holistic perspective. Focusing on these areas enabled a single solution with multiple use cases and views that allowed it to serve the needs of many customers. Exiger’s subject matter experts both helped to interpret data and train its artificial intelligence and machine learning to better spot and identify the risks in each of these sectors. With these insightful propositions, Exiger brought in a series of solutions that served these three very specific markets:

Insight 3PM

The first solution introduced by Exiger was Insight 3PM. It’s a platform that allows customers to workflow risks that have been identified in their organizations and bring them from identification through to resolution or mitigation. The platform also enables customers to examine sets of specified risks. The Insight 3PM Workflow platform was initially built around the Foreign Corrupt Practices Act and Bribery Act Arenas to help compliance managers. But now, it has expanded to where it’s utilized by compliance and operational teams to manage all risks, like ESG and cyber risk, more broadly.

DDIQ

DDIQ is Exiger’s proprietary technology and AI engine behind the Insight 3PM platform that revolutionizes due diligence, data collection, and assessment. It has three layers to it. The first layer allows Exiger to aggregate data from multiple sources. It could be utilizing Google or Bing to search the entire Internet for information on supply chain partnerships, or it might be working with its partners to assess ownership and corporate records. The tool operates in the way a human researcher does by going through and removing false positives that are not about the entity one is trying to do due diligence on. And then finally, it has labels that can be applied to help identify data points for customers.

DDIQ helps you automatically search over 16,000 structured and over 30 million unstructured sources to identify any information associated with an entity or a person to conduct a risk management assessment in the areas of financial crime compliance, government vendor vetting, and supply chain risk management.

DDIQ Analytics

The DDIQ Analytics platform gives you specialized views, transparency and analytics capability in all of the data Exiger can aggregate on entities, persons, and vessels globally and allows customers to explore global import-export records or global software supply chains. These three capabilities essentially provide a set of technology and cloud solutions that manage risk more effectively.

Exiger is helping its customers in the critical areas of financial crime compliance, which includes KYC and other transaction investigation management. The company manages vendor vetting and supply chain risk management for the government and helps corporate customers and banking customers manage their third parties and supply chains downstream. In COVID times, when global businesses took massive hits, Exiger tried to understand whether or not their supply chains were failing. It acted swiftly and proactively, and comprehensively assessed risk for all its customers.

As a customer-led organization, Exiger aims to focus on the areas that its clients find most pressing. And so that has evolved from automating manual onboarding of clients to automation of cumbersome tasks like the written due diligence report, the assessment of global weather and logistics disruption, the analysis of clean supply chains, etc. Exiger aims to move ahead with its customers and look at the market dynamics, global climate dynamics, and global risk dynamics that will impact them 18 months from now and help them forecast where those risks will be.

About the President

Brandon Daniels is the President of Exiger. He is a regulatory expert and technology practitioner who brings decades in senior management across the financial services, technology, life sciences, and energy markets. Over the last 20 years, Brandon has managed some of the largest crises, compliance, and risk management matters in the private and public sectors. He has a reputation for technological innovation and has driven the adoption of cutting-edge technology in legal, compliance, and risk management. Brandon’s expertise is often sought by top-tier outlets such as Wall Street Journal, Fox Business, Financial Times, The Atlantic, Yahoo Finance, Bloomberg, and more.