Overview

Thomson Reuters offers a full end-to-end Third Party Risk solution that enables our customers to have an effective mitigation program from the initial screening and due diligence stage through to on-boarding and training their employees and third parties.
  • Unparalleled data coverage
  • Strength in emerging markets
  • Holistic approach to third party risk management
  • Trusted brand
  • Cost effective
  • Innovative technology
  • Powered by World-Check risk intelligence

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

Regulatory landscape
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.

Key Features

Key Benefits

Trusted and reliable brand
Thomson Reuters is the world’s leading source of intelligent information and World-Check has remained best in the market for providing high quality risk intelligence.
Unparalleled data coverage
Research centers are located in all global regions, covering 240+ countries. 250+ Research analysts located around the world conduct research in 60+ local languages and enable a high level of accuracy in on-the-ground and local media research. Over 400 sanction lists and 100,000s of information sources are monitored, amounting to hundreds of thousands of research hours annually.
A holistic approach
Our products complement one another and offer the full spectrum of a third party risk mitigation program.
Reduce costs
Our tried, tested and trusted solution eliminates time-consuming duplication of effort and eliminates the need for costly human resources to build the program and carry out the necessary work.
Strength in emerging markets
As well as a successful track record in established markets, we were the first to offer these products in emerging markets and have developed a proven and consistent workflow model.
Innovative features
Our product teams are regularly seeking new and innovative ways to bring you solutions that mitigate third party risk.
Invaluable Compliance Learning
We offer online learning courses and modules on financial crime, bribery and corruption, code of conduct, conduct risk and compliance induction which corporate clients need implemented in their third party risk mitigation program. Courses can be designed to accommodate different learning styles and requirements, including level of interaction, corporate look and feel and specific test questions.

Whitepaper

Managing Social Standards in Global Supply Chains: Risk Identification and Mapping

This paper focuses on the challenges faced by global companies seeking to manage social issues in their supply chains. In it we identify and describe the major social issues that companies are likely to encounter, and we discuss how they might go through the process of identifying and assessing these issues.

Whitepaper

Building An Effective Compliance Supply Chain within a Financial Institution

Read this whitepaper to learn about challenges firms face when trying to sustain a well-executed compliance supply chain and understand the role compliance professionals have in managing the compliance framework.

Whitepaper

Supply Chain Risk Management - The Complexities of Managing Risks in Complex Global Supply Chains

In the drive to achieve business goals and ensure continued profitability, multinational organizations build relationships with customers, suppliers and partners across the globe, creating complex supply chains. Knowing who you are dealing with becomes increasingly more difficult, yet increasingly more important.

Expert Talk

Is Your Supply Chain As Safe As You Think It Is?

It is not surprising that so many successful organisations focus their compliance resources on their supply chains. Organisations are challenged, however, by the current dynamic legislative environment and the stepping up of enforcement action around the world. Anti-corruption compliance processes that were sufficient just a year ago no longer offer effective protection.

Whitepaper

International Anti-Corruption Enforcement

While the US Foreign Corrupt Practices Act (FCPA) is still the most widely recognized anti-bribery and anti-corruption law across the globe, there have been a number of initiatives which will lead directly to greater anti-bribery and anti-corruption enforcement. This increased enforcement will lead to increased risks for companies that do not have adequate anti-bribery and anti-corruption compliance programs in place.

Whitepaper

The Pharmaceutical Industry and the UK Bribery Act

The UK Bribery Act (UKBA) puts particular pressure on pharmaceutical companies. Already operating in a highly regulated environment, due to the nature of their business pharma companies are active and associate with third parties in various locales around the world, and often have many bureaucratic hurdles to overcome. This paper discusses the particular vulnerabilities of the industry in light of the UKBA.

Whitepaper

The Examining Anti-Bribery and Anti-Corruption Practices in the Supply Chain

This paper looks at one of the key considerations for any anti-bribery/anti-corruption (ABC) compliance program which is how to think about the risk of third parties that may enter into a contractual relationship with any company via the Supply Chain (SC). In many companies the SC function is a stand-alone discipline, which is siloed from other functions.