As with diligence in other contexts, it's not a good idea to assume that competitors have done their homework, or that the risks applicable to your business are the same.

Alternative data platforms represent an increasingly common source of data, as entrenched market participants such as Bloomberg acquire smaller vendors or rights to redistribute their data. Regardless of the differences in business models across platforms (e.g., AWS, Bloomberg, FactSet, etc.), each platform represents a challenge for buyside compliance teams, given the open-ended nature of the data these platforms provide. This challenge is likely to grow as data providers consolidate proven data.