Exiger Chooses Sayari to Enhance Coverage in its DDIQ Data Suite

Industry: Supply Chain Risk Management

Use Case: Data Analysis

$1.05M

annual cost savings through data automation improvements

70%

improvement in third-party data quality on complex targets and high-risk jurisdictions

Ultimate beneficial ownership

data significantly improved

“When it came to understanding who the ultimate beneficial owners were…that’s where Sayari really shone through.”

— Eli Cherkasky, SVP Business Operations at Exiger

Sayari outperforms Dun & Bradstreet in trial

As a seminal supply chain risk management software company, Exiger is known for delivering exceptional risk intelligence powered by machine learning (ML) algorithms. These quality insights require not only expert algorithmic training, but also accurate and timely corporate ownership data from as many jurisdictions as possible. To that end, Exiger has cultivated a data suite pooling ownership information from a variety of data partners.

Eli Cherkasky, SVP of Business Operations at Exiger, led a trial effort with a proof of concept to test how Sayari’s data would help improve data coverage, provide more comprehensive information to Exiger’s clients, and lead to a more efficient process.

“We took 314 of the most difficult, complex companies – companies we’d already manually investigated on our clients’ behalf – and judged each candidate’s coverage of those entities,” Cherkasky explains.

Sayari demonstrated markedly superior beneficial ownership data, a vital tool in exposing illicit actors and adversarial supply chains. Without this ability to penetrate a network to its root, corporations and government agencies unwittingly base their decisions on superficial data, lulling them into a false sense of security and leaving them vulnerable to risk.

Sixty percent of the test entities saw comparable coverage by Sayari and Dun & Bradstreet, but a little over 70% of the remaining 120 entities (28% of the total) had significantly better coverage in Sayari.

“When we paired Sayari with our data suite for corporate records and credit risk, the enhancement to the data was substantial. Some of our data providers had strong global ownership and UBO coverage, but Sayari augmented our data in a unique way.” Critically, this 70% included hard-target jurisdictions not covered by other sources whereas Dun & Bradstreet’s superior coverage of the remaining 30% proved largely redundant with the rest of the suite.

“When it came to understanding who the direct owner of a company was, Sayari’s data was better,” says Cherkasky. “But when it came to understanding who the ultimate beneficial owners were – for example, the individuals that owned the company that in turn owned the target company – that’s where Sayari really shone through.” Sayari, integrated with the rest of the DDIQ data suite, demonstrated superior coverage of all but a couple of the 314 entities.

Sayari supports Exiger’s commitment to best-in-class data sources

Ownership data is a keystone of success for DDIQ, Exiger’s automated due diligence software, which brings together thousands of leading data sources into one aggregated data suite. In early 2022, it became clear that in order to support some of Exiger’s largest multi-year contracts, DDIQ’s data suite needed to enhance its ownership data to better cover ultimate beneficial ownership of certain complex foreign companies and high-risk jurisdictions.

“Before partnering with Sayari, there was a dearth of data in some areas of the world,” explains Exiger CEO Brandon Daniels, “and there was an inability to corroborate data from some of the datasets we relied on. We’d look across five or six sources, and our partners’ data just wouldn’t agree.” Exiger was having to run enhanced analytic models and manually validate corporate ownership information on complex entities to protect the integrity of its risk model.

“It was a huge process issue that impacted the speed of our response,” says Daniels.

Not only that, but there were some jurisdictions Exiger could only excavate manually. Their previous vendors, like Dun & Bradstreet, struggled with coverage and accuracy in beneficial ownership. Although the DDIQ data suite had coverage in hard-target jurisdictions like Russia and China, the lack of source provenance and the ability to validate that data in a secondary source often required timely manual intervention.

“Our value is in aggregated risk modeling and assessment,” affirms Daniels, “not in data visibility alone. So we knew we needed to find a data procurement partner that would improve our efficiency in obtaining accurate corporate records and allow us to validate the ultimate beneficial ownership using our validation algorithms. We would often see the ownership in a single corporate record or in the unstructured analysis provided by DDIQ but need another source for confirmation. We just couldn’t get that from some of our prior vendors.”

“I’ve worked with a lot of different global data solutions over the last couple of years, and Sayari really went above and beyond. It’s another reason why we think that there’s a great future for us together.”

— Eli Cherkasky, SVP Business Operations at Exiger

Charting the course for an enduring partnership

Between the millions of third-party and supply chain reports it monitors for its customers each night and the 30K deep-dive assessments it conducts each year in IPOs, SPACs, and other complex transactions, Exiger expects its partnership with Sayari to save $1.05M in annual costs.

“But that’s just scratching the surface,” says Daniels.

Exiger plans to integrate Sayari data into all of its product offerings and across all its customers. This would free up resources it could then devote to further innovating on its proprietary risk model for threat and vulnerability assessments at scale.

The partnership is also leveraged in several of Exiger’s largest government contracts, including its recent $74.5M multi-year contract award from the General Services Administration (GSA), selecting Exiger as a trusted government-wide enterprise supply chain and third-party risk management platform for the entire U.S. Government. GSA chose Exiger’s solution for its tested and proven performance across multiple scenarios, including entity vetting and analytics, supply chain illuminations, supplier mapping and collaboration solutions, and support services.

“Risk assessment is really predicated on transparency and visibility.” says Daniels. “Having witnessed Sayari’s commitment to those values, we’re confident this partnership will help us better serve the largest federal agencies, corporations, and critical infrastructure companies in the world.”

About Sayari

Sayari empowers regulators and investigators to mitigate risk exposure and fight financial crime by providing instant visibility into commercial networks worldwide.

Its flagship solution, Sayari Graph, harvests billions of public records from over 200 jurisdictions to deliver a global database of ownership hierarchies, commercial relationships, and risk analyses—available via web application, API, or data subscription.

Since its founding in 2015, Sayari has earned the trust of top financial institutions, Fortune 100 corporations, and government agencies, securing a $40M Series C in 2021. Sayari is headquartered in Washington, D.C., and its solutions are used by more than 3,000 frontline analysts in 35 countries.

About Exiger

Exiger is revolutionizing the way corporations, government agencies and banks manage risk and compliance in their third-parties, supply chains and customers through its software and tech-enabled solutions. Exiger’s mission is to make the world a safer and more transparent place to prosper. Emboldening its 550 customers across the globe, including 150 in the Fortune 500 and over 40 government agencies, with award-winning AI technology, Exiger leads the way in ESG, cyber, financial crime, third-party and supply chain management. Its work has been recognized by 35+ AI, RegTech and Supply Chain partner awards.

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