Key takeaways: Automating third-party due diligence and ongoing monitoring with advanced, multilingual AI

This article provides 6 key takeaways from a webinar hosted by Ian Lawless, Head of Content Partnerships and Event Director at Procurement Leaders, Dermot Corrigan, CEO of smartKYC, as they explore the integration of natural language processing (NLP) and generative AI in due diligence processes. Dermot highlights how this combination can efficiently handle due diligence discovery in real-time, preventing risks from escalating into crises. Key takeaways include the importance of supplier due diligence for safeguarding corporate reputation, the practical use of ESG risk frameworks, the benefits of multilingual NLP, the utilisation of generative AI, lessons from the banking sector, and success factors in implementing third-party risk monitoring systems. The webinar emphasises leveraging technology for continuous risk monitoring and swift action to mitigate emerging threats effectively. Dermot also stresses the need for tailored solutions aligned with organisations' risk appetites to ensure efficient and cost-effective due diligence.