Owning the A to Z of third party compliance
Our client, which is one of the world’s largest semiconductor chipmakers, found itself spending too much time on administrative third party processing tasks, such as:
- organising data on third parties
- reviewing and analysing questionnaires
- running database screening.
Time spent on these tasks meant less time advising and guiding the business, and a slower onboarding process with less reliable channels. The client needed a change in the process and ownership of the project. The company was focused on form over substance and not necessarily on what was the most effective for the business.
The client engaged us to take over the A to Z of its third party compliance programme. We took over several resource-intensive third party processing tasks on behalf of the client, including:
- Organising third party data centrally within the client’s instance of ComplianceDesktop® | Compliance Technology Platform
- Reviewing third party questionnaires and identifying red flags
- Carrying out watchlist screening on every third party and key principals using the IntegraWatch® | Compliance Screening database
- Providing analyses, results and conclusions back to the client’s compliance department
- Approving and rejecting third parties based on the findings of our due diligence and the ability to remediate red flags identified within the tolerance range of the client.
We strengthened the client’s overall onboarding process, leading to the following benefits:
- Faster third party engagement and improved onboarding by over 30 percent
- Deeper analysis of third party questionnaires and changing to substance over form
- Freeing up more time for the client to spend guiding and advising the business and contributing more to the business.
- We reviewed the client’s existing process and mapped out a new process that was more appropriate
- Daily processing of third parties with direct updates to the client when red flags are identified
- Expert analysis report on each third party.