Third Party Risk Management System
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Digital business partner due diligence
Third Party Risk Management
Digital business partner due diligence
Third Party Risk Management
Compliance Solutions’ AI-based business partner verification is a comprehensive solution that covers all aspects of business partner integrity verification. This digital and automated third party due diligence system offers companies a holistic solution.
This software platform enables highly efficient business partner due diligence and complies with complex legal requirements, including FCPA, UK Bribery Act and other national laws.
The Business Partner Due Diligence System enables early identification and verification of potential risks such as corruption or money laundering in business relationships. These risks are identified through an audit-proof process, which enables management to quickly take appropriate measures to prevent corruption and minimize damage to the company.
The use of this system not only ensures efficient and legally compliant business partner screening, but also helps to strengthen the trust of customers, investors and employees in the company. It enables a proactive approach to compliance and risk management, which helps to strengthen and grow the company in the long term.
Third Party Due Diligence
Understanding Third Party Due Diligence
Third-party due diligence involves assessing and monitoring your external partners for potential conflicts of interest or other legal, ethical, and compliance issues. This need often arises when selecting a new vendor or planning a merger or acquisition.
While due diligence is commonly associated with the start of a business relationship, it should be an ongoing process. Companies must have systems in place to identify and mitigate potential risks posed by third parties continuously.
An effective third-party due diligence strategy might include the following steps:
- Checking the names of third-party vendors against global databases and watch lists.
- Monitoring mentions of your third-party partner in press releases, media, web searches, and more for any indications of corruption.
- Verifying whether the third party or its leadership appears in national databases or government records.
- Cross-referencing self-reported information from due diligence questionnaires with data from your own investigations or using solutions that provide local investigational capabilities.
The solution is not to restrict relationships with third parties, but to introduce solid third-party risk management. This approach reduces risk and prioritizes the security of the company.
Third party risk management is an integral part of the due diligence process and ensures operational stability, compliance and security. This process involves collecting and analyzing data on the security, financial, operational and reputational risks posed by third parties. It is particularly important in the procurement and selection phase as well as during onboarding.
Risks always in focus
Advantages of digital Third Party Due Diligence
Advantages of Third Party Due Diligence
Compliance Solutions’ digital Third Party Risk Management System fulfills all legal requirements while providing a high level of automation.
The Third Party Risk Management System is fortified with advanced Business Intelligence (BI) and reporting functions, offering insightful analytics and comprehensive reports for informed decision-making. Adhering to stringent data protection standards, it is GDPR-compliant, ensuring the secure and lawful processing of personal data.
Additionally, its audit-proof nature ensures that all activities are meticulously recorded, which simplifies and streamlines the auditing process. Central to its design is a risk-based approach, which prioritizes and efficiently manages risks, making it a robust and essential tool in the landscape of third party due diligence. The system enables the early identification and assessment of risks such as corruption or money laundering in business relationships. This process enables management o the compliance department to quickly take appropriate measures to prevent corruption and minimize potential damage to the company.
Fulfillment of legal requirements
High auto-
matization
Merge into
central system
BI & reporting functions
GDPR-
compliant
Audit-proof
("ex ante")
risk-based
approach
Fulfilment of
legal
requirements
High auto-
matization
Merge into
central system
BI & reporting
functions
GDPR-
compliant
Audit-proof
("ex ante")
risk-based
approach
Fulfilment of
legal
requirements
High auto-
matization
Merge into
central system
BI & reporting
functions
GDPR-
compliant
Audit-proof
("ex ante")
risk-based
approach
Proven due diligence solution
Leading provider for Third Party Risk Management
Leading provider for Third Party Risk Management
The Business Partner Compliance System from Compliance Solutions offers comprehensive and end-to-end coverage of the entire life cycle of a business relationship. From the initial phase of onboarding to the conclusion of offboarding, all steps are carried out carefully and audit-proof in a well-structured process with clear role definitions.
Even major global corporations that place the highest demands on compliance and business partner auditing, such as Mercedes-Benz AG or E.ON SE, have identified the Business Partner Compliance System from Compliance Solutions as the best choice following a thorough market analysis and an international tender. There are good reasons for this decision: These companies clearly consider it to be the most powerful and world-leading system for screening their business partners currently available on the market.
Workflow
Third Party Risk Management System
Third Party Risk Management System
Compliance Solutions offers a comprehensive, AI-based Third Party Risk Management system. This digital and automated platform covers all aspects of third party risk management and fulfills complex legal requirements, including the FCPA, the UK Bribery Act and other national laws. The system enables the early identification and assessment of risks such as corruption or money laundering in business relationships. The audit-proof process enables management or the compliance department to quickly take appropriate measures to prevent corruption and minimize the potential damage to the company.
The implementation of such a system ensures efficient and legally compliant third party risk management and strengthens the trust of customers, investors and employees in the company. This proactive approach to compliance and risk management ultimately promotes the long-term growth of an organization and is essential to successfully navigate today’s business world.
• Risk Assessment: Identifying and evaluating the potential risks that third parties might pose to the organization.
• Business Partner Audit: After identifying potential risks, a thorough audit of the business partners is conducted. The aim is to gain a comprehensive understanding of the partner’s business processes and risk posture.
• Business Partner Survey: This step involves gathering more detailed information from the business partners.
• Business Decision: Based on the information gathered from the assessments, audits, and surveys, the organization makes an informed decision regarding the partnership. This could involve proceeding with the partnership, renegotiating terms, or even terminating the relationship, depending on the level of risk involved.
• Permanent Monitoring: The final step is ongoing and involves continuously monitoring the third party relationships. Continuous monitoring ensures that the organization remains vigilant and can take timely action to mitigate any emerging risks.
„The decisive factor in selecting Compliance Solutions was the quality of the platform, the individual support and an IT solution specially adapted to E.ON’s needs for business partner due diligence.”
Group Compliance E.ON SE
(2021)
Third Party Risk Management Software
Choose the perfect solution for your needs
Basic
- Meets minimum legal requirements
- Cost-effective
- Data provider-independent screening system
- Audit-proof case management
- AI-powered
Standard
- With best-practice workflows
- Turnkey & quick to implement
- Meets legal requirements
- Data provider-independent screening system
- Audit-proof case management
- Automated risk identification
- Management summary
- Standard BI & Reporting
- AI-powered
Enterprise
- Flexible adaptation to individual customer needs
- Individual customization of workflows
- Automated risk identification
- Meets legal requirements
- Data provider-independent screening system
- Audit-proof case management
- Advanced Reporting
- Interfaces to other software systems
- AI-powered