Third Party Risk Management
Scanmarket Features & Benefits
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Automate Risk Mitigation and Compliance
The Strategic Importance of a Third-Party Risk Management System
Make fully informed choices through pre-defined automated supplier due diligence processes and approval workflows to meet your risk criteria.
Through integration with corporate risk databases (including Dow Jones, Lexis Nexis, and 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, workforce disputes, environmental issues and more.
Managing Third-Party Risk Intelligently
Global change creates new opportunities but it also generates risks. Sometimes it is your own organization pursuing a business expansion, other times it may be due to changes outside your control – from regulators, competitors, or emerging risks. However, in order to make well-informed decisions you need knowledge to base them on.
An agile solution will allow your company to identify potential third-party risks, empowering you to develop 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.
Using Established Integrations with Risk Intelligence Data Providers
A compliance officer’s job is hard enough. Our integrated solution is designed to make your life easier and protect your business with fact-based decision-making and process control. Our strong history of partnering with multiple data providers supplies global enterprises with a complete solution that addresses both governance, risk & compliance, and enterprise contract lifecycle management.
By combining our market-leading software with risk intelligence databases you are able to effortlessly integrate your third-party risk onboarding program into your current workflow across your business or implement a fully automated system in place of a paper-driven system.
Advanced Security Profiling & Checking
Run your business securely and profitably by better understanding your customers, employees and vendors. Make informed decisions by identifying, authenticating, investigating and monitoring individuals and companies for issues such as; corruption, tax compliance, cybercrime, politically exposed persons, ultimate beneficial owners, know your customers (KYC), money laundering, common reporting standard, fraud, terrorism financing, sanctions, AKA/aliases and child labor & slavery.
We connect to all leading external databases such as Dow Jones, Thomson Reuters, LexisNexis, Dun & Bradstreet etc. for accurate and comprehensive profiling of businesses and individuals.
Risk Management Process (example)
An example of how we see the Supplier Management and Third Party Risk Management products applied to a standard sourcing and contracting process.
Applying an Advanced Risk Check if Required
Based on the ‘risk scope’ data the software defines if a more advanced check is required. If so, additional questionnaires are assigned to the supplier profile.
Supplier Is Screened by 3rd Party Provider
Provides visibility into hidden dangers, potential hazards, criminal convictions and investigations, sanction lists, bankruptcy records, real estate transactions, ownership data, and historical addresses etc. in relation to a company, a person or a country.
A Company/Person Name Screening checks if there are relations to previous records such as ‘Special Interest Entity’, ‘Special Interest Person’, ’Workforce Disputes’, ‘Environmental Issues’, Tax Crime’, ‘Corruption’ and ‘Financial Crime’
A Country Screening checks if there are relations to a country on your company's defined list of risk countries.
The compliance officer reviews the findings
The Scanmarket software makes it easy to report on the risk status.
Scanmarket a Leader in Procurement Management
Scanmarket was recognized as a leader in the 2023 Strategic Sourcing Data Quadrant report from SoftwareReviews - for the 3rd year running.
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