Intelligence as a Service – providing data driven insights across an organisation’s risk landscape
How do you use data effectively to inform risk management across your organisation? Do you have the right tech in place to provide timely, valuable and actionable insights to your risk functions?
According to Deloitte’s latest CEO survey, technology continues to be a top priority for CEOs as they adapt to an ever-changing environment while managing a variety of implementation challenges, such as supply chain disruption.
At Deloitte, we provide technology services to clients across a number of industries where we leverage Zoho applications to bring real value to our clients. Read on to find out about the benefits Deloitte and Zoho can bring to your organisation, including real life examples that bring our technology services to life.
What is Intelligence as a Service (IntaaS) and who is it for?
Deloitte’s Risk Advisory Intelligence Services Centre (ISC) has developed a new solution to deliver tailored intelligence and insights from millions of data sources to aid decision making and risk management.
Intelligence as a Service (IntaaS) provides a cloud enabled one-stop-shop for digital insights. Areas of focus include risk, reputation, opportunities, financial planning, sustainability, supply chain, media and more.
IntaaS can support organisations in the private and public sector, as well as governmental departments. Crucially, IntaaS can be implemented across of range of risk domains, presenting data driven, actionable insights.
One of the most valuable uses of IntaaS is for screening and monitoring extensive supply chains. We have recently worked with an organisation in the pharmaceutical industry which has more than 170,000 third-parties and on-boards 2,000 new entities each year. Their existing approach to monitoring their third parties' network was inconsistent and lacked a systematic approach, which exposed them to a range of risk factors that could have had significant consequences for their business. We implemented our screening and monitoring services to provide visibility across their third-parties and other entities. Our service used a combination of innovative technology and human analysis to screen all third-parties as they were onboarded and monitored potential risks to ensure remediation actions could be taken promptly. This service provided assurance to the client that they had the necessary risk management processes in place across their supply chain and ecosystem.
How does Zoho’s technology power this insight?
We currently utilise a variety of Zoho services, such as Zoho Forms, CRM, Analytics and Data Prep. These applications allow us to manage data collection, workflow, reporting, analytics, and data cleansing. What’s really powerful is that Zoho solutions can integrate with third-party data providers and a range of data feeds, which generate alerts in real time. Our clients can receive live updates where needed, which allows them to make meaningful decisions for their organisation.
A spotlight on our screening and monitoring services
A client in the public sector came to us asking for support around new Environmental, Social, and Governance (ESG) regulations. Their main challenge was needing to identify the potential legal risks associated with the compliance (or non-compliance) of their third parties against, so that they could act early and mitigate them.
We conducted a traditional screening service to identify any adverse media mentions of their third parties against our standard 12 risk domains. Our reporting was used to identify any red flags that the client may need to investigate in more detail themselves.
- In the onboarding phase, we filtered media sources using our AI (artificial intelligence) tool to pinpoint relevant events specific to the client's risk requirements. We used the latest technology in natural language processing and machine learning to ensure coverage was comprehensive and minimised false positives.
- Our specialist team of intelligence analysts were then able to remove any remaining false positives so that the insights the client received were relevant and as accurate as possible. This process was and is iterative, and the client was able to provide feedback to modify the scope as needed.
- A screening overview was then produced, which highlighted the most critical information gathered during the screening. We also set up monitoring alerts so the client would receive live updates if any ESG related adverse media associated with their third parties was identified.
From the services provided, the client felt more confident with managing the legal and reputational risk associated with their third parties. They also felt more assured that their own legal and reputational standing was protected, as they now have a more through third-party screening management process in place. Crucially, the client was provided with the necessary information to protect its own business-related interests, as well as the validity of future engagements with proposed third parties.
Find out more
If you would like to find out more about our service and how they can be used in your organisation, please contact us at mailto:ukzohoteam@deloitte.co.uk, or view our dedicated Intelligence as a Service webpage.