The following is a useful guide to understanding open source intelligence (OSINT) tools for risk management, including a list of 8 free OSINT tools that may be helpful in your risk and compliance workflows.
OSINT tools are used to gather publicly available information from various sources, such as social media platforms, websites, news articles and online databases. These tools help organizations interpret data for due diligence requirements, threat assessment, investigations and research purposes.
By aggregating publicly available information from many different sources, OSINT tools enable organizations to proactively manage risks and ensure compliance. Access to expanded data sources can help in risk assessments, early detection of money laundering and uncovering hidden relationships between individuals, other entities and transactions.
Identifying potential risks with the help of OSINT tools enables organizations to take appropriate measures to prevent money laundering and terrorist financing.
OSINT tools can be helpful in augmenting data to get a more complete understanding of risk. Depending on your organization’s requirements, you may need one or more of these tools to meet your regulatory requirements.
For those with processes in place, assessing the gaps in data can ensure more comprehensive risk reviews. That being said, time and resources will need to be allocated to manually review the relevant datasets.
Here are 8 free tools our team has narrowed down for their invaluable data when it comes to AML processes, in alphabetical order. While we can share our thoughts, it’s important to select tools that align with your organization’s goals.
The specific functionalities of OSINT tools can vary widely. Here are some to look out for when assessing if a tool is right for your needs:
Data Aggregation - streamlined process of collecting information from multiple channels
Search and Filter - users can enter keywords, queries or specific criteria to retrieve relevant information
Data Visualization - Graphs, charts or network diagrams can facilitate the analysis of complex datasets and reveal patterns or trends
Link Analysis - Allow users to explore connections between entities
Monitoring and Alerts - Users can set up alerts or notifications based on specific keywords or criteria to stay updated on changes in risk
Social Media Analysis - monitoring and analyzing social platforms, including mentions, hashtags, or activities to detect emerging trends
Geolocation - Map data based on geographical information to identify hotspots or assess risks based on location-specific factors
Workflows - Can facilitate team collaboration with features to annotate data, assign tasks and generate reports
It’s important to know your OSINT tools and understand what data can be used to mitigate financial crimes, but it’s equally important to have the right technology in place to make sense of that data. While OSINT tools are fantastic aggregators of public data, they don’t always have the ability to optimize that data and transform it into multi-dimensional risk intelligence.
As organizations are being inundated with more and more data and increasingly complex threats, technology platforms provide added efficiency gains that make workflows more manageable and effective.
Not only do technology platforms consolidate data from disparate tools into a single dashboard, they also make sense of multiple streams of data in a single, standardized format. For example, a technology platform enables you to review PEPs, sanctions, adverse media, UBOs and more, from a single place. Plus, they can have advanced resolution to make sense of multi-tool data that standalone OSINT tools would not have.
While technology platforms require some level of investment, they can be cost-effective for high-risk or highly regulated companies because these platforms help teams execute efficient workflows by automating cumbersome tasks, consolidating open source and broker data and surfacing risk flags that might otherwise be missed by organizations working within multiple OSINT tools. Not to mention, activity history and reporting are typically built right in to reduce manual tracking efforts.
Instantly access our a vetted and ready-to-use risk data library, which includes KYC, sanctions, corporate data and more. Plus, Sigma can ingest and optimize any structured and unstructured risk-related data, including your internal customer data, so that you can access a unified view of risk on any person, company or entity in a single dashboard.
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