Nassau County becomes first municipality in the state of New York to utilize third party monitoring to vet vendors doing business with the County.
MINEOLA, NEW YORK, February 27, 2019
As part of a multi-levered strategy to combat corruption and promote transparency in the County contracting process, Nassau County Executive Laura Curran today announced an innovative pilot partnership with Exiger, a leader in technology-enabled regulatory, financial crime, risk and compliance solutions. This partnership will give Nassau County access to Exiger’s cutting-edge Insight 3PM platform, which will streamline due diligence research on current and potential vendors who do business with the County. Nassau County will be the first municipality in New York to use third party monitoring technology to vet its vendors. Another groundbreaking step in the County Executive’s reform initiative, this new technology is a powerful tool that will enhance the efficiency and capability of the County’s compliance team.
“Nassau County has long been plagued by a culture of corruption and favoritism due to lack of controls and transparency in the county’s contracting and procurement process,” said County Executive Curran. “The partnership we’re announcing with Exiger today is another important step my Administration is taking to restore trust and fiscal integrity in County government. We’re bringing new solutions to age-old problems so that our residents can be assured that their tax dollars are being spent as ethically and responsibly as possible.”
Historically, due diligence research on vendors in Nassau County has been limited to manual searches of open-source records. Exiger’s Insight 3PM platform, powered by proprietary artificial intelligence technology, DDIQ, automates searches for publicly accessible adverse information, potential ethical conflicts, and undisclosed investigations. The platform will generate customized reports based on Nassau County’s specific needs and concerns and will give the County’s compliance professionals access to information from global databases including Bloomberg, LexisNexis, and World Compliance.
This 18-month pilot program with Exiger’s Government Services business unit gives Nassau County access to Insight 3PM and will involve periodic reviews with Exiger to further improve the County’s use of Insight 3PM. Nassau County will be the first municipality in the state to use such cutting-edge technology to review and track its vendors.
“Nassau County is poised to transform its vendor vetting process by becoming the first government entity to use Insight 3PM’s cutting-edge Artificial Intelligence, including both Machine Learning and Natural Language Processing technologies,” said Mike Cherkasky, Exiger Executive Chairman. “There is an enormous amount of data that must be analyzed in order to know the background and history of potential vendors and their owners. Our technology makes the entire process more efficient and comprehensive, ultimately allowing Nassau County to make better and more ethical buying decisions.”
Exiger is a global regulatory and financial crime, risk and compliance company. Exiger arms financial institutions, multinational corporations and governmental agencies with the practical advice and technology solutions they need to prevent compliance breaches, respond to risk, remediate major issues and monitor ongoing business activities. Exiger works with clients worldwide to assist them in effectively managing their critical challenges while developing and implementing the policies, procedures and programs needed to create a sustainable compliance environment. A global authority on regulatory compliance, the company also oversees some of the world's most complex court-appointed and voluntary monitorships in the private and public sectors. Exiger has four principal business units being: Exiger Advisory; Exiger Diligence; Exiger Government Services; and Exiger Tech, including AI-based automated due diligence solutions, DDIQ and Insight 3PM. Exiger operates through offices in New York City, Silver Spring (DC Metro), Toronto, Vancouver, London, Bucharest, Hong Kong, and Singapore.
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