LexisNexis® Entity Insight, a proactive risk management tool driven by a PESTLE-analysis framework, will help procurement, supply chain and compliance professionals stay alert to potential business risks.
LexisNexis® Business Insight Solutions (BIS) —a leading provider of content and technology solutions— today unveils LexisNexis Entity Insight. A supply-chain and third-party risk media monitoring solution, LexisNexis Entity Insight tracks comprehensive market intelligence and premium news sources that are often unavailable on the open web to help companies capture an in-depth view of reputational, regulatory, financial and strategic risks.
Addressing the elevated risk exposure companies face due to complex, global supply chains, third-party business relationships and the rapidly evolving compliance landscape, LexisNexis Entity Insight helps companies better anticipate supplier and third-party risks to complement conventional credit scoring. The solution features a proprietary scoring algorithm based on industry-standard PESTLE analysis (Political, Economic, Socio-cultural, Technological, Legal and Environmental). Companies can tailor the PESTLE scoring to align with their unique risk-based approach, ensuring highly-relevant results that enable fast, timely identification of potential risks.
Results from ongoing risk media monitoring are easily integrated with supply chain management (SCM), customer relationship management (CRM) and other internal systems via RSS feeds. In addition, LexisNexis Entity Insight applies color coding based on threat level to ensure that individuals across the enterprise have immediate insight to help drive more proactive decision-making.
By offering improved visibility into potential risks—ranging from natural disasters and product recalls to regulatory changes and non-compliance with anti-bribery and corruption, financial crime or modern slavery laws and standards—LexisNexis Entity Insight empowers companies to make decisions about critical suppliers and third parties—in near real-time—to minimize supply chain and wider business disruption.
LexisNexis Entity Insight further strengthens the LexisNexis portfolio of solutions designed to help companies screen, monitor, protect and grow their businesses amidst the heightened compliance and ethical expectations of regulators, corporate stakeholders, strategic partners and consumers.
“Companies face increasing regulatory and ethical scrutiny, alongside rapidly changing market forces and it is critical to ensure business risks are being proactively managed. LexisNexis Entity Insight is an integral part of a supplier and third-party risk monitoring process to help ensure companies meet their strategic goals,” comments Mark Dunn, Segment Leader Entity Due Diligence and Monitoring, LexisNexis Business Insight Solutions.