# LexisNexis® Risk Solutions Launches Enhanced Due Diligence Platform to Help Businesses Combat Financial Crime
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-12-07
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: LexisNexis® Risk Solutions Launches EDD Insight Platform
Meta Description: Discover how LexisNexis® Risk Solutions is revolutionising financial crime compliance with its new EDD Insight platform. Combat inefficiencies and enhance risk
URL: https://financedigest.com/lexisnexis-risk-solutions-launches-enhanced-due-diligence-platform-to-help-businesses-combat-financial-crimehtml

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LexisNexis® Risk Solutions today announced the launch of its enhanced due diligence (EDD) platform, LexisNexis® EDD Insight. The web-based research platform has been designed to help professionals who are responsible for financial crime compliance conduct effective investigations and due diligence, whilst reducing process inefficiencies.

The new product was developed after feedback from customers, across a variety of industries, revealed the negative impact lengthy and inefficient Know Your Customer (KYC) and EDD remediation processes are having on business productivity. These practices are in place to help organisations identify and manage [potential](https://www.financedigest.com/delivering-on-the-potential-of-open-finance.html "Delivering on the potential of open finance") financial crime risk, but can often be time-consuming and costly.

A new report by LexisNexis Risk Solutions, [KYC & Sanctions Remediation: The Impact of Inefficiency](https://risk.lexisnexis.co.uk/insights-resources/white-paper/kyc-sanctions-remediation-the-impact-of-inefficiency) _,_ which includes feedback from over 150 financial services professionals found that disparate data systems, the time required to maintain an audit trail and the lack of a single customer risk view were all seen as root causes of inefficiency. Notably, the lack of a [single customer risk view](https://www.financedigest.com/insurance-marketing-is-more-targeted-with-the-single-customer-view.html "Insurance marketing is more targeted with the single customer view") can be linked to negative business impacts such as higher costs of labour, delayed on-boarding and ultimately lost business.

LexisNexis® Risk [Solutions developed EDD Insight to enhance the efficiency](https://www.financedigest.com/scanwriter-v-verafin-which-solution-can-help-you-unravel-financial-scams-efficiently.html "ScanWriter v. Verafin: Which Solution Can Help You Unravel Financial Scams Efficiently?") and effectiveness of due diligence processes, by providing a consolidated view of risk. This has been achieved through the amalgamation of three categories of critical [due diligence](https://www.financedigest.com/a-digital-first-world-means-investors-should-look-to-digital-due-diligence-first-too.html "A digital-first world means Investors should look to digital due diligence first too") data.  UK public records and consumer data, business records containing ultimate beneficial owners, and [global risk](https://www.financedigest.com/imfs-georgieva-sees-darkening-outlook-for-global-economy-rising-recession-risks.html "IMF’s Georgieva sees ‘darkening’ outlook for global economy, rising recession risks") information including Politically Exposed Persons, sanctions and adverse media, are combined through proprietary linking technologies to help create a full picture of entities and the risks associated with them.

**Paul Weathersby, Senior Director, [Product Management](https://www.financedigest.com/geometric-progression-based-on-digitization-to-be-witnessed-by-reproductive-management-products-market.html "Geometric Progression based on Digitization to be witnessed by Reproductive Management Products Market"), at LexisNexis** **®** **Risk Solutions said**:

_“Inefficient remediation processes are a significant [challenge for both financial services and the broader industry](https://www.financedigest.com/keeping-ahead-of-network-challenges-in-the-finance-industry.html "Keeping ahead of network challenges in the finance industry"). The prospect of losing [business and potentially exposing the organisation to a greater level of financial](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business") crime risk is an even greater concern._

_“Senior professionals in the sector are actively looking for ways in which due diligence processes can be improved to identify true risk, [combat financial](https://www.financedigest.com/financial-firms-can-use-technology-combat-todays-cybercriminals.html "How financial firms can use technology to combat today’s cybercriminals") crime and prevent losses from occurring._

_“We [believe EDD Insight is uniquely positioned](https://www.financedigest.com/go-for-it-think-positive-believe-in-yourself-and-do-what-you-love-says-dawn-elliott-of-sew-confident-chorley.html "“Go for it, think positive, believe in yourself and do what you love” says Dawn Elliott of Sew Confident Chorley") to support financial crime compliance professionals achieve these goals. The platform increases the effectiveness of their enhanced due diligence and remediation activities, whilst reducing operational inefficiencies and the subsequent [negative effect](https://www.financedigest.com/negative-effects-of-technology.html "Negative effects of technology") they can have on their customers and ultimately their business.”_


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