The Strategic Importance of a Third-Party Risk Management System
Global change creates new opportunities but it also generates risks. Sometimes it is your own organization pursuing a business expansion or trading opportunities. At other times you are grappling with external changes that are outside your control – from regulators, competitors, or emerging risks.
In order to navigate a way forward, and make well-informed decisions, you need the knowledge to base them on. An agile solution will allow your company to identify potential third-party risks, empowering you to develop and execute strategies and mitigation plans around them. This will enable individuals across your organization to make fully informed choices when facing a potential risk and base their response on a formulated company-wide approach.
Run pre-defined automated due diligence processes and approval workflows on suppliers to ensure they meet your risk criteria pre-and post-award. Through integration with corporate risk and information databases (including Dow Jones, Lexis Nexis, Thomson Reuters/Refinitiv) carry out automated screening of company and key individuals’ names to check against global sanctions lists and records pertaining to financial crime, corruption, politically exposed persons, special interest entity, special interest person, workforce disputes, environmental issues and more.