October 17, 2016 by Canadian Underwriter
Outside Intelligence has announced the availability of a cognitive computing platform to help businesses meet the guidelines of the new International Organization for Standardization (ISO) anti-bribery standard, ISO 37001.
The platform produces automated due diligence reports – which businesses can use to evaluate discovered risks that can be immediately used to make key decisions – to help foster compliance with ISO 37001, notes a release Monday from OutsideIQ, a provider of due diligence cognitive computing and search.
ISO 37001 requires companies to perform due diligence on projects and business associates, OutsideIQ reports.
ISO 37001 addresses the following in relation to the organization’s activities: bribery in the public, private and not-for-profit sectors; bribery by the organization or its personnel or business associates acting on the organization’s behalf or for its benefit; bribery of the organization or its personnel and business associates in relation to the organization’s activities; and direct and indirect bribery.
Survey results released this summer by BDO USA, LLP indicate 70% of manufacturers worry about their ability to comply with anti-corruption and bribery laws, up from 45% in 2013.
Related: Cyber security enters U.S. manufacturers’ Top 10 risks: BDO
“Companies must demonstrate to their Board of Directors, customers, partners and regulators that they have an anti-bribery management system in place to take the reasonable steps to prevent bribery,” the company statement notes.
“Reporting, monitoring, investigation and review is required of a company’s business relationships, as well as connected relevant parties,” it adds.
“Billions of dollars in penalty costs are being paid by companies as a result of bribery and other unethical behaviour that isn’t being detected by compliance teams,” Dan Adamson, founder and CEO of OutsideIQ, points out.
The company reports the new product “has been programmed to think like an investigator and automatically flags risks in an auditable report.”
Among other things, the product offers ancillary searches on key stakeholders; international, multi-language and jurisdictional due diligence; and ongoing risk monitoring. As well, it automates regular scanning of the open web for new risks on your subject so compliance teams can make more informed decisions.
With the growing number of data sources available, OutsideIQ reports the product’s “cognitive computing engine searches thousands of international structured and unstructured sources to cut through false positives and accurately flag potential risk issues on a subject.”
Related: Supply Teach
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