Exiger: Making the World Safer
When it comes to the world of regulatory technology, there are multiple categories of solutions that comprise this market. In today’s corporate ecosystem, when onboarding a customer or engaging with a vendor or a counterparty, the volume of due diligence to traditionally complete transactions and establish the relationship is substantial. But, the spectrum of risk that can now cause reputational harm in this ecosystem is intimately and intrinsically interconnected. At this point in time, people, process and technology are the keys to solving modern compliance challenges. This is where Exiger fits in. Exiger is transforming the fight against fraud and financial crime with a perfect blend of award-winning, purpose-built technology, and practical expertise – helping companies manage the demands of today’s increasingly complex regulatory and risk environment. Exiger combines purpose-built technology with deep industry experience to illuminate risk around the world. “Our goal as a firm is to deliver the technology and expertise to enable businesses, from large corporates to financial institutions and government agencies, to gain immediate transparency to help them make expedient decisions in risk management policies and procedures,” begins Brandon Daniels, President, Exiger.
Michael Cherkasky, CEO and Michael Beber, Chairman, launched Exiger with a vision of combining people, processes, and technology to develop more sustainable solutions for the GRC industry. HSBC was the company’s initial client, and that original vision is what continues to driving the company today. Exiger’s approach to risk management leverages tech-enabled and SaaS solutions explicitly designed to manage the complex regulatory and data challenges your institution is faced with every day, enabling you to achieve true transparency into your counterparties, vendors, and customers. Exiger’s solutions are carefully crafted to allow companies to protect compliance and regulatory burden and the reputation on a broader level. “We’re helping them to conduct deep due diligence, at least as deep as the traditional regulatory compliance processes, but without slowing the speed of transaction, giving a competitive advantage,” adds Daniels.
The Built-in AI
The Exiger AI-powered architecture accelerates the heavy lift associated with remediations, lookbacks, and risk assessments by identifying risk quickly, streamlining the process to clear alerts, and enhancing transparency with fully auditable decision logs. Exiger’s purpose-built technology has essentially been trained by over 1000 different risk professionals over the last seven years on what risk looks like in a company. As every business has a different risk appetite, i.e. different environmental, social and governance (ESG) gold standards, Exiger’s technology is adapted to the organization’s needs, and allows businesses to grow with confidence. “Our application is built over several years and with millions of dollars of investment, enabling us to evolve with the times,” explains Daniels.
The application is used to eliminate false positives that similar regtech tools create. The tool is agnostic – clients overlay Exiger’s technology on top other technology to aggregate data across over 1000 different structured sources and over 30 million unstructured sources in realtime. Exiger brings this data aggregation to scale across millions of entities and delivers results anywhere from milliseconds to at most an hour. The solution also has a built-in artificial intelligence capability that allows it to utilize every piece of information to escalate meaningful risk findings to enhanced due diligence.
Seamless and Effective Risk Management
The company’s innovative DDIQ solution ingests and interprets data from any source, identifies the information relevant to the subject, and risk ranks the information to help prioritize review and accelerate adjudication. Focused on creating solutions to modernize risk management, DDIQ enables businesses to manage today’s most significant risk & compliance challenges seamlessly. As a result, the solution short- circuits an organization’s path to organized fact-finding to help make critical decisions with confidence and speed. The ability of the system to apply that confidence rating allows customers to make risk-weighted decisions. It will enable them to look at the information that is truly about their entity. “This complex artificial intelligence and machine learning platform learns how to identify a particular information’s authenticity with a specific person or company. We have trained over 205 different models across persons and companies to look for unique, nuanced risk, whether it’s labor abuses or environmental risk. Our ability to flag risk in the data sets with a confidence rating allows our customers to do a risk-based triage of all their data with one single view. It’s unprecedented to review every piece of data to assess risk at this scale,” says Daniels.
Helping to Accelerate Decision Making
Since opening its doors, Exiger has been helping its clients accelerate decision- making by bubbling up the things that matter the most to manage and mitigate risk. Taking an analytics-led approach to the review and optimization of risk models, the Exiger team works fast and delivers the confidence needed to meet regulatory requirements and mitigate the risks that matter most to a business. Moreover, as the level of risks and its types are changing every day, Exiger’s platform is effectively a triage engine—a capability that allows determining risk across the financial health, the reputational, criminal, and regulatory past of vendors. “We’re allowing our clients to essentially create a filter that increasingly gets more specific and helps them prioritize risks. The platform also helps to accelerate decisions by helping them to determine what is the most pressing issue at this moment when it comes to risk management and mitigation,” adds Daniels. While explaining the company’s value proposition, Daniels recalls an instance about Exiger’s assistance with the US Federal Government at the start of the Covid-19 crisis. Exiger conducted due diligence on over 11,000 vendors in under 45 days and assessed over 25 markets for potential production fraud, waste, and abuse risk. As a result, the federal government could identify and save $500 million enabling them to secure purchases for life-saving medical equipment and PPE at the speed of relevancy.
About a decade ago, Exiger was founded as a governance, risk, and compliance firm, and since then, the company has been operating under the sole vision to leave the world a better place. Today, fueling that vision at Exiger is the company’s leadership – “We realized that today’s world requires toolsets and technology that can help businesses identify risks and effectively mitigate them. That’s why our motto is to leave the world a better place than how we found it. Our mission is to provide clients with transparency into who they’re doing business with, and we always strive to stay ahead of the game by specializing in where we can offer the most value to our clients,” concludes Daniels.