Third Party Due Diligence Solution
From distributors and sales agents to consultants and prospective joint venture partners, local third parties are often necessary to conduct business around the globe. Understanding these partners is vital to mitigating corporate risk abroad and at home. Indeed, many government enforcement and regulatory agencies have established that companies and individuals can be criminally and civilly liable for the actions of third parties, and they have made it clear that a risk-based third party due diligence and ongoing monitoring program is an essential component of a healthy compliance program. However, even with extensive guidance available from these same global enforcement agencies, many companies continue to struggle with the challenge of implementing a meaningful, efficient and cost-effective system to manage third party risk in today’s complex compliance environment.
Compliance professionals continue to ask themselves: What level of due diligence is adequate? How can I possibly monitor hundreds of partners? Where should I allocate my limited compliance resources? How can I automate my third party due diligence process to stretch limited compliance resources?
FTI COMPLY v2 New Functionality
- Upgraded user interface redesign for most screen sizes and improved workflow
- Integration with search engines and multiple databases for greater global information collection and investigative coverage to enhance third party due diligence within the solution and as supplemented by FTI’s Global Risk and Investigation Services due diligence investigations outside of the solution
- Improved functionality to automate key work flow modules and due diligence procedures to maximize use of scarce compliance resources
- New secure Cloud based platform provides greater scalability to allow for hundreds of thousands of third parties; regionally Cloud stored data to help meet data privacy needs
- Increased flexibility to better conform to user operations, industry, and third party risk profile; incorporate existing/new processes (e.g., pre-screening and remediation) and user documentation; and interface with user systems
Our Solution: FTI COMPLY
- Removes the uncertainty and eliminates the arbitrary approach to due diligence employed by many companies
- Enables companies to centrally manage third parties through an interactive and customizable web-based platform
- Includes a proprietary risk profiling methodology customized for each business model to ensure an appropriate level of due diligence is performed on the highest risk third parties while limiting the cost and administrative burden for lower risk partners
- Tracks the results of risk-based due diligence efforts while maintaining related documentation for ease of review and monitoring
- Allows for baseline due diligence to be conducted inside the application, and continually monitors third parties with daily checks against a comprehensive database of global enforcement activity, watch lists, PEPs, and media coverage
For questions about FTI COMPLY, or to schedule a demo, please e-mail us at firstname.lastname@example.org or dial US: +1 202 346 8870/UK +44 (0) 20 3727 1000.