The Power of Combining Public and Private Data

For most businesses, making informed decisions can be challenging when crucial information is scattered across various sources. Relying solely on public data, while readily available, often provides only a superficial understanding of entities and their relationships.

Conversely, private data, while specific to an organisation’s internal operations, offers an incomplete picture without external context. This reliance on isolated data sets can create blind spots, hindering thorough due diligence and investigations.

The key to overcoming these lies in data integration. In this article, we explore how combining information from both public and private sources can enable more informed and impactful decision-making.

The Challenges of Data Silos

Organisations today face a common problem: they can’t easily connect information from different sources. This creates what is known as data silos, where public and private data are kept separate. These isolated repositories of information can impact investigations and lead to incomplete assessments.

Imagine a financial institution onboarding a new corporate client. Their internal records, which contain private data, may appear clean. However, without access to public data, such as global corporate registries, litigation records, or adverse media, they could easily miss critical red flags. These may include:

• Undisclosed beneficial ownership in a high-risk location.
• A past regulatory fine.
• Negative news involving key executives.

Manually connecting data from all these different sources can be difficult. Compliance teams often resort to tedious, time-consuming processes that involve:

• Downloading reports from multiple portals.
• Cross-referencing spreadsheets.
• Piecing together fragmented information.

This manual effort is not only inefficient but also highly prone to human error, increasing the risk of oversight and delaying crucial decision-making. Without a single, unified view of all data, analysts spend more time gathering information than actually analysing it.

Bridging the Gap with Handshakes One World

Handshakes can help address the challenge of data silos with its innovative One World feature. This solution is specifically designed to bridge the gap, showcasing the ability to connect public data across capital markets and private company registries with an organisation’s private data. This means instead of seeing disconnected fragments, businesses can gain a holistic, interconnected view of entities, their relationships, and associated risks.

Handshakes One World also transforms fragmented data into actionable intelligence by visualising complex networks. It helps surface hidden connections and reveal a more complete picture of corporate structures, beneficial ownership, and potential risks that would remain obscured when viewing data in isolation.

For instance, an investigations team might use it to trace funds from a publicly listed company to a privately held entity through multiple intermediaries, or an audit team could verify disclosed relationships against a broader network of external data. This data integration capability enables users to conduct comprehensive corporate background checks, enhancing the depth and reliability of their assessments.

Use Cases for Combined Data Analysis

Combining public and private data through data integration offers a range of use cases across various sectors, thereby enhancing an organisation’s ability to conduct due diligence and maintain compliance. For instance:

• Enhanced Due Diligence and KYC: For financial institutions and professional service firms, integrating client-provided private data with Handshakes’ extensive public data on corporate registries, directorships, and adverse media allows for a more in-depth background check. This enables the identification of undisclosed relationships, potential conflicts of interest, and ultimate beneficial ownership, going beyond standard due diligence database searches to meet stringent compliance requirements like Singapore’s AML/CFT regulations.
• Fraud Detection and Investigations: Law enforcement and investigations agencies can combine their internal case data (private) with Handshakes’ public data on corporate networks, litigation, and news to uncover complex fraud schemes, illicit networks, and asset tracing. The ability to see unseen connections across datasets provides a critical advantage in building cases and recovering assets.
• Internal Audits and Risk Management: Audit teams can leverage integrated data to verify internal records against external reality, identifying discrepancies or potential areas of compliance breach or fraud. For example, combining internal vendor lists with Handshakes’ public data can reveal undisclosed employee relationships with suppliers, strengthening risk management frameworks.
• Procurement and Vendor Management: Organisations can integrate their internal vendor performance data (private) with Handshakes’ public data on a vendor’s financial health, legal history, and beneficial ownership. This comprehensive view supports better vendor screening services, mitigating supply chain risks and ensuring ethical procurement.
• Strategic Decision-Making: Beyond risk, data integration provides a foundation for strategic insights. Businesses can combine their sales data (private) with public data on market trends, industry financials, and competitor networks to identify new investment opportunities, assess market penetration, and refine business development strategies.

Unlock Connected Insights with Handshakes

The limitations imposed by data silos, where vital public and private data remain disconnected, can no longer hinder an organisation’s ability to operate effectively. The era of fragmented insights is giving way to a more comprehensive and integrated approach, providing a holistic understanding of relationships, potential risks, and emerging opportunities.

Handshakes, a leading data analytics company in Singapore, stands at the forefront of this transformation, providing business intelligence services that facilitate effective data integration.

Our solutions, spearheaded by the Handshakes One World feature, empower your organisation to move beyond superficial assessments. You’ll gain the clarity needed for thorough due diligence, precise audits, and incisive investigations.

By leveraging Handshakes, you can connect your internal intelligence with a vast external data ecosystem, ensuring a complete picture that enhances compliance, strengthens risk management, and drives strategic decision-making across all your operations. Explore Handshakes’ solutions today and unlock the full potential of connected data for your business.