Fios Compliance Introduced Open Data Intelligence Platform for Compliance Risk Mitigation

Fios Compliance, an Open Data Intelligence platform, is launched to support integrity checks across various sectors. Fios is the Gaelic word for Knowledge. 

India’s regulatory universe is seen to comprise 1,536 Acts, 69,233 compliances, and 6,618 filings. A segment of these requirements focuses on meeting regulatory compliance requirements, both domestic and global, and some are connected to FATF requirements. Fios Compliance provides relevant and timely extended open data intelligence (a.k.a. OSINT) through its automated screening process, which enhances independent regulatory and risk mitigation checks.

The platform utilizes secure cloud-based technologies that can access a wide range of domestic and international regulatory compliance databases. The service is available to financial institutions, corporations, and regulated entities seeking a comprehensive, reliable, and future-ready approach to compliance to include fit and proper due diligence for formal submission.

According to Deepak Bhawnani, Managing Director at Fios Compliance, “Our mission is to provide clients with advanced open data intelligence solutions that enhance their ability to meet compliance requirements.  Through automated research and screening of global sources, we support clients in identifying and evaluating comprehensive risks, setting a new standard for regulatory resilience.”

Key features include adverse/negative media screening, global sanctions and watchlist checks, PEP exposure, significant litigation, and insolvency checks for reputation risk insights. Fios Compliance continuously onboards new portals and their databases and aims to bring all countries within its operational coverage. 

Open Data collection and collation techniques enable efficient filtering and analysis of diverse information sources, including regulatory and corporate filings, and digital footprints, providing organizations with a new level of external due diligence and fraud prevention capability. 

The scale of digitally available public data is staggering: the world's ten largest libraries collectively house about 700 million items, while search engine web indexes comprise over 400 billion documents. However, this is likely less than a third of all available open data.  Fios Compliance leverages this data for Extended KYC and Sanctions Screening by searching for risk indicators beyond traditional methods.

This innovation is made available when global regulations, including India’s Digital Personal Data Protection Act, 2023, and international guidelines such as GDPR, impose stringent requirements for integrity and transparency of business data. Fios Compliance’s adoption of industry best practices, emphasizing legitimate and accurate data, ensures organizations are prepared for evolving compliance reporting standards.