Batch screening of third parties as part of an acquisition process
The client, a major worldwide manufacturer, needed support to screen several hundred third parties against our database and use our compliance expertise to analyse the results. The client required management of a large volume of checks in a very short of time, but needed analysis on the results to determine whether any information that was identified was of a significant enough risk for them.
The client needed both access to data but also our compliance team to analyse the results and provide them with direction and guidance around remediating the results that we found.
The client engaged us to provide the following:
- Analyse the client’s existing data on its third parties, eliminating any duplicates, and cleaning out “bad” data to ensure accurate searching and to speed up the process.
- Draft a single consolidated findings report allowing our client to make an informed decision on a large number of third parties in a short timeframe and how they could go forward with any or all of the third parties.
- Prepare and load third party names into our IntegraWatch® | Compliance Screening database as part of the clients Compliance Desktop® | Compliance Technology Platform.
- Conduct false positive analysis and determine actual hits that were relevant and had compliance concerns that posed a risk.
- We delivered a full consolidated report that summarised all the findings, issues and recommendations for next steps forward.
- We added those findings into the client’s third party profiles in ComplianceDesktop®.