Global regulatory company Exiger announced its acquisition of OutsideIQ to help bolster its AI-driven compliance leadership.
Through this strategic move, Exiger will enable financial institutions to enhance the due diligence process for investments, third-party and counter-party risk via OutsideIQ’s cognitive computing and intelligent search platform DDIQ.
The DDIQ will be used with enterprises to resolve any compliance issues that arise with financial crime.
Exiger’s President and CEO, Michael Beber, commented on the acquisition and what it means to the finance industry: “Banks have spent the last 10+ years in response mode — reacting to regulators’ demands while trying and failing to contain the cost of compliance. The banks have been forced to give up compliant as well as non-compliant customers because they haven’t had the solutions to allow them to distinguish between them cost-effectively. With this acquisition, Exiger is uniquely positioned to implement a solution that meets the compliance demands of regulators and the profitability requirements of shareholders. Our entire Exiger team looks forward to working with Dan Adamson and the entire OutsideIQ team to solve what are clearly some of our clients’ most important problems.”