Managing Global Standards

3PI integrates information from third parties, produce ongoing risk analysis, recommends mitigating measures and automatically embeds the recommendations in the companies' workflow.

 
 

Companies Face New Levels of Accountability 

Global companies are now responsible for preventing bribery, corruption and money laundering; for complying with competition law and data privacy regulations in their business environments and for respecting human rights, labor and environmental standards. Ensuring compliance from business partners is a key component of the new set of corporate obligations.

Compliance structures and audit mechanisms have been primarily designed to address the internal control environment. Risks posed by business partners are outside their scope of oversight. Besides the burden of managing a vast amount of compliance-related information, the challenge is how to ensure that hundreds or thousands of players operating under very different trade practices and governance settings are monitored to ensure respect for a company’s standards across the globe.

 

What is 3PI ?

 

3PI is the ideal complement to existing compliance and internal control structures. Whether in-house or outsourced, 3PI integrates, in a single platform, all elements of an efficient third party due diligence.

 

 

ONBOARDING

 

Collecting relevant data, allowing for specific risk analysis and targeted background search.

 

BACKGROUND SEARCH

Use of best-practice solutions, including daily updated denied parties, PEP, and sanction lists, as well as media databases.

 

RISK ANALYSIS

A tailored risk matrix that co-determines the overall risk of a third party (together with the results from the background search) and automatically raises specific risks.

 

RECOMMENDATIONS AND MITIGATING MEASURES

Integrating mitigating measures in internal processes. Additional tools available for follow-up (e.g. 3rd party training)

 

FOLLOW UP & OPTIONAL TOOLS

Additional tools are available for implementing standard recommendations.