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Third-party risk

Every organization is at risk from the actions of vendors, suppliers or partners, and yet 41% of organizations have never screened their third-party connections (according to the 2018 survey report: "Revealing the true cost of financial crime"). Do you really know who you’re working with?

Our take on third-party risk in 60 seconds

Safeguard your organization from exposure to third parties who have breached financial crime legislation or displayed unethical business practices. Detect and access risks in your third-party associations, no matter where they are in the world.

To comply with global legislation on anti-bribery, anti-corruption, and associated financial crime, you need to conduct regular screening, monitoring, and assessment for risks.

Make sure all of your business relationships are built on solid foundations, satisfy regulators, and also meet shareholder and customer expectations around corporate responsibility, reputational risk, and transparency. To truly know who you’re doing business with, you need to use third-party risk management workflows, informed by accurate, comprehensive, and inter-connected risk data sources.

In an interview with FinExtra, Howard Presland Global Head of Proposition for Third Party Risk discusses the many challenges facing third party risk management professionals
01:06:16

The challenges of managing third party risk

Useful links

We need to avoid fragmented data created by using multiple platforms for integrity concerns, such as adverse media and more abstract risks garnered through questionnaires.

Key takeaways

Here are the essentials

Quality data is vital

Move your business forward with high-quality data, augmented by advanced technology with a comprehensive third-party risk taxonomy.

Harness new technology

New technologies augment our in-depth research processes and human expertise, so you get up-to-date, inter-connected, and accurate data.

Forge partnerships

Build solid relationships - access to a wealth of critical third-party risk intelligence through our enterprise business and partners.

Expert opinion

Viewpoint: Third-Party Risk Insight Survey

Companies have highlighted a lack of comprehensive risk content coverage, disjointed and inefficient workflows, lack of monitoring and collaboration tools, and poor ability to implement a risk-based approach as key challenges.

Product focus

How Enhanced Due Diligence can help identify key threats

Leave nothing to chance

Protect yourself against regulatory and reputational damage. Our Enhanced Due Diligence reports deliver detailed background checks on any entity or individual, anywhere in the world. Our research provides comprehensive and well-structured reports so you can identify key issues relating to bribery, corruption, and financial crime among others.

worldcheck one
I don’t think there is another player that can do this as well as Thomson Reuters [Refinitiv].