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Third-party risk
Retail risk management
Third-party risk management solutions to efficiently source and onboard suppliers, distributors and resellers in the retail industry, while meeting global regulations and safeguarding your reputation.
The interlinked and global nature of the supply chain and distribution network makes the retail industry increasingly susceptible to a range of risks that negatively impact revenue and reputation.
Retail companies must have visibility of their complex supply chain and distribution network, to ensure third parties follow strict data protection protocols to avoid the possibility of security breaches relating to the company or their customers.
ESG regulations have a vast impact on this industry and environmental and human rights issues may affect a retailer’s reputation. Consequently, retail companies must ensure they are using sustainable sources and they continuously monitor sanctions lists to make sure that they are not dealing with a sanctioned party.
A robust third-party risk management strategy is therefore required by retail companies to assess, manage and mitigate operational, identity, cyber, ESG and other risks.
What is due diligence for retail businesses?
Retailers must incorporate end-to-end third-party risk management solutions to assess and mitigate risks associated with raw materials and manufactured goods suppliers, service providers, law firms, professional services, travel agents, consulting services, logistic providers, wholesalers, resellers, distributors, sales agents and more.
Retail companies need to plan for the continuous supply of products and on-time transportation, and ensure they are knowledgeable of all third parties – including sanctioned third parties. This will help manage operational, identity and financial risks.
Equally important is the consideration of cyber and ESG risks – including questioning if third parties pose a threat to data security, if they source materials from sustainable suppliers and employ their workers legally.
A retail company’s supply chain and distribution network is complex and involves many third parties, therefore a robust, holistic risk management solution is required.
Our solution
Safeguard your business from reputational damage and financial loss
We help retail companies manage the complexity of their operations associated with third parties, while safeguarding their reputation, meeting regulatory obligations and reducing costs.
Screen your third parties
Screen for high-risk individuals and entities in the global retail supply chain and distribution network with Refinitiv World-Check Risk Intelligence database, which consists of millions of profiles that will help you uncover hidden risks in business relationships. You can identify sanctioned entities and individuals, and uncover risks indicating a supplier’s potential involvement in alleged criminal activity that could lead to financial, reputational or other types of risks.
Receive ratings, insights & analysis
Get detailed background checks and analysis on companies and individuals, based on your retail company’s specific interests and risks with Refinitiv Due Diligence Reports. Our reports deliver accurate risk ratings, so you can make informed decisions when engaging with third parties. We provide ESG reports so retail companies can find out who the real owners of their third parties are. Contact us to get a free sample report.
Access our technology platform
Centralise your third-party risk management processes using Refinitiv Due Diligence Centre. This technology platform will help your retail company to guide stakeholders throughout the lifecycle of third-party relationships – including initial assessment, onboarding, ongoing monitoring, renewal or end of life. As part of your retail company’s due diligence, have third parties detail their contingency arrangements in case their usual suppliers fail.
Partner with us for support
Use our third-party onboarding programmes and managed screening services to improve efficiency in your retail company. Our teams will manage your programme through our proprietary technology platform Refinitiv Due Diligence Centre, allowing you to spend more time on strategic tasks within your retail business.
Benefits
Why we are trusted worldwide
Uncover background, reputation, ethics and political connections of your third parties to protect your retail company’s reputation while avoiding fines and other risks.
Understand location-based risk when conducting business in unfamiliar jurisdictions and emerging markets, using our intelligence network, covering 217 countries combined with our extensive language capabilities to provide truly global coverage enriched with local knowledge.
Manage and mitigate your regulatory risk by leveraging our industry-trusted and reliable screening and due diligence insights from our team of research specialists, underpinned with industry leading World-Check Risk Intelligence data, accredited with ISAE 3000 certification.
Resources
Learn more with our third-party risk management resources for retail companies
Our specialists will tailor a third-party risk management solution to help solve your retail company's specific needs.
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