GSK - saving the cost of external consultants
The intelligence centre of the team is based in the UK but delivers investigations that support GSK legal and corporate teams engaged in operations worldwide. The team needs to be able to provide their internal customers with thorough due diligence to support vital business decisions, helping to reduce the potential risks associated with acquisitions and partnerships. The team need to provide detailed information, including:
- Company registration details
- Company financials
- Executive details and biographies
- Any negative or adverse news and comment associated with that company or its executives
The entities they investigate could be anywhere in the world and of any size, and the team need to be able to deliver a full report within just 5 working days. They also need to ensure that their operations are cost-efficient and can be delivered alongside a wide range of other responsibilities, including employee pre-screening, travel risk assessment, counterfeit prevention and security monitoring.
To make sure they can provide their colleagues in GSK's legal function with the information they need, the team need to be able to access global business intelligence. Lexis Diligence® draws on information from 150 different company databases, including profiles of up to 130 million entities, and up to 23,000 press sources worldwide.
As the head of the team explains, "When you're delivering credible due diligence, breadth of coverage is extremely important. To make sure Lexis Diligence could deliver the facts we need, we compared a report we prepared internally with the results of the same investigation conducted via a third-party agency. We were pleased to find that Lexis Diligence actually delivered more information and at a fraction of the cost of working with an outside agency."
Lexis Diligence also provides access to Politically Exposed Persons lists, sanctions and watch lists, enabling the team to protect GSK from doing business with unsuitable individuals.
Having used Lexis Diligence for just over a year, the team at GSK can already see that there are possibilities to expand the service they offer their internal clients, including ongoing monitoring of investigative subjects and expanding the scope of the information the team supply.
As the head of the team comments, "Interaction with the team at LexisNexis® and the ongoing support we get has made a key difference to our success with Lexis Diligence in the live environment. We operate within tight timeframes and it's reassuring to know that we get quick answers to any questions we have. LexisNexis are a responsive partner and we've built up a relationship where we can freely share information and work together to continually improve our service as we develop in the future."