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When a background check on an individual or company is needed, it can be a long, drawn-out process.
Documents tend to be manually compiled by human analysts and can take over a week to produce.
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They tend to be manually analysed, which can lead to restricted coverage of data sources.
Unfortunately, the day after a check is conducted, the information becomes no longer relevant, inaccurate or out-dated -- an unacceptable lifespan for that amount of work.
Now, an Israeli start-up reckons it has the solution to dramatically cut down the length of time for background checks.
Israel-based Business Intelligence start-up Intelligo utilises a software-as-a-service-based model for organizations to conduct automated due diligence and background checks with an accuracy nearing 90 percent, according to the company.
Its solution, Clarity, uses AI, machine learning, and text analytics to capture and analyze structured and unstructured data points from thousands of sources.
It simulates the thought process of an analyst to extract meaning, find connections, and raise red flags, producing background reports for organisations. Users can access their searches and continuously monitor research subjects.
Its software collects data from web sources, adverse media, databases, blacklists, legal records, and social media.
Algorithms verify the identity of the research subject, and the AI and machine learning analysis engine produces a report identifying red flags, enabling leaders to make an appropriate decision.
The software creates profiles on individuals, companies, and industries. The company uses advanced technology and methods to process a variety of information sources including human intelligence, open source intelligence, legal sources, CV verification, media, and social networks.
Michael McConnell, former director of the National Security Agency (NSA), and Pinhas Buchris, the former director of Israel's 8200 intelligence division, and former managing director of the Israeli Ministry of Defense, joined its advisory board in November 2017.
In October 2017, it raised $5.7 million in a Series A round from New York-based investment firm Governing Dynamics, and Eileen Murray, Co-CEO at Bridgewater Associates.
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Background checks today have become a vital part of business, utilized mainly for pre-hiring, pre-investment, compliance, and security applications.
The current solution today is a manual one and highly inefficient, resulting in protracted turnover times, elevated costs, and time-consuming reports.
Having a one-stop solution that can produce reports, live updates, and real-time red flag alerts is something that more and more companies need for these just-in-case, security-conscious times.
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