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In today’s business environment organizations are held responsible for the actions of suppliers, vendors and partners in addition to their own internal activities. Knowledge and understanding of supplier and third party risk is of the utmost importance. Therefore it is critical that a robust risk management program includes due diligence in the selection of business partners and third parties as well as on-going monitoring activities.
Using one service provider that incorporates all aspects of a best practice third party management solution with components designed to work together makes it much easier to fit the service to the unique needs of the organization, streamlining resources and control costs.
How can we help you?
We offer a holistic Third Party Risk solution to help our customers identify and assess the risks their third parties may expose them to and act with confidence around those risks. Our Third Party Risk program offers one service that incorporates all aspects of a best practice third party management solution.
- Screening: Check against the World-Check risk intelligence database consisting of millions of profiles on individuals, entities and vessels to reveal the risk hiding in business relationships and networks.
- Screening as a managed service: We offer a managed screening service to carry out the screening and remediation on an organization’s behalf. This allows our customers to reduce the overall costs of operations and resources dedicated to third party risk management
- Country risk: Determine any geopolitical, social and economic risks associated to the country in which the third parties are based
- Enhanced due diligence: Detailed background reports on any third party can assist in protecting against regulatory and reputational damage
- Online compliance learning: Roll out compliance training programs to staff and to third parties
- API to partners: We have partnered with market leading third party software providers that can integrate with our suite of products and services
The US Foreign Corrupt Practices Act (FCPA), Conflict Minerals Rule (US Dodd Frank Section 1502), UK Bribery Act (UKBA) and the UK Modern Day Slavery Act, in addition to a host of other global regulations, have increased the importance of establishing an effective third party compliance program. The rate at which these regulations are introduced will only increase as governments, civil society and consumers put anti-corruption, transparency and sustainability at the core of what they do.
Areas that have become particularly sensitive to governments are:
- Bribery and corruption
- Modern-day slavery
- Conflict minerals
Building relationships and their consequences
Building and extending relationships with third parties in order to achieve long term business goals usually creates complex supply chains that, over time, more accurately resemble interconnected webs. Knowing who you are dealing with within these webs becomes increasingly more difficult, yet increasingly more important in order to satisfy regulators, meet shareholder and customer expectations, and prevent financial and reputational damage. Break down of these relationships can often result in financial and reputational damage.
Shareholders and customers are demanding greater transparency and more responsible corporate behavior, in the interests of both reputational integrity and good investment practice. Customers, consumers and governments hold companies accountable not only for their own actions, but for the actions of suppliers, vendors and business partners. Thomson Reuters is a trusted solution provider in the Third Party Risk space and will work with an organization to structure the best Third Party Risk risk mitigation solution possible.