The Red Flag Group®
Batch screening

Batch screening of third parties as part of an acquisition process

Batch screening of third parties as part of an acquisition process

Challenge

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.

Answer

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.

Deliverables

  • 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®.

Why The Red Flag Group®

Speed

We are fast. After the contract was signed, we kicked off the project immediately with our global team and managed to complete it within three days.

Cost

We charged a set price and had a set deliverable. There was no change in our quote and no extra fees or amounts charged.

Data

The data we used for this project was ours. We own the data, we built it and we know how to use it. We are the best people to use our data and report out on it.

Knowledge

We knew the risks that were important to the client and were aware of what they were looking for. We didn’t want to waste their time on false positives or on findings that were irrelevant.

Languages

We used a team with eight languages for this project and had the team assembled in less than a day.