CCO’s today are faced with many hurdles to overcome. Arguably, one of the most pressing is how to manage third party risk.
As the outsourcing of services continues to rise and complex supply chains continue to expand, regulatory scrutiny leaves organizations more vulnerable than ever to third party risks. As a result, compliance teams need a comprehensive solution that helps protect them against these risks.
The problem? Existing methods of mitigating third party risks all have areas of weakness. As a technology provider, we wanted to change that; so we partnered with Control Risks. With the common goal of building an all-encompassing third party due diligence solution, GAN and Control Risks have created a hybrid product that helps compliance teams best manage risk.
Limitations with Your Current Due Diligence
Up until this point, CCO’s have had three main options when attempting to mitigate third party risk; manual processes, technology partners, and consulting partners. While each of these strategies has advantages, each is also fraught with limitations.
Many organizations don’t have a dedicated third party risk management team or a centralized information repository, indicating that they are mainly relying on manual processes. While manual processes are inexpensive they are also labor and time intensive, and more susceptible to error. Additionally, a manual approach is unscalable and unsuitable for handling large volumes of third party due diligence.
Technology provides a single system of record and assists with automating repetitive tasks, saving you time. However, technology alone lacks local expertise and context that could potentially be invaluable in your due diligence process. Without local expertise and understanding the nuances of a specific culture, organizations might easily overlook critical risks associated with a third party.
Consulting partners, on the other hand, have the critical expertise and investigative experience needed to gather an accurate and complete picture of a third party’s background and integrity profile. Unfortunately, consulting partners lack the robust technology capabilities that allow you to quickly and efficiently pull analytics in real time.
Modern compliance teams need a hybrid solution that has both actionable intelligence and reports with clear red flags. That’s where GAN and Control Risks come in.
Uniting Revolutionary Technology with Unparalleled Reporting
We’ve partnered with Control Risks to bring you an unprecedented third party due diligence solution. You can now request Control Risks’ reports directly from within the GAN platform. This partnership unites consulting’s strengths with the technology edge to bring you a closed loop solution to due diligence. The partnership is designed to help you drive efficiency, optimize internal resources, and, ultimately, minimize risk.
Control Risks is a specialized risk consultancy with over 40 years of investigative experience. Serving more than 2,000 clients worldwide, Control Risks’ reports include everything from localized research to full on-the-ground investigative teams. Their global presence and local expertise help to ensure their clients stay secure, compliant, and resilient.
With the GAN and Control Risks partnership you can:
- Adopt a fully automated risk-based approach
- Capture all your data within one platform
- Access interconnected top-notch consulting and cutting-edge software
This is an end-to-end third party due diligence solution that helps you manage third party risk. Together, GAN and Control Risks combine workflow automation technology with specialist due diligence capabilities to create an inclusive compliance process. Now, you can focus on the analysis, filter out the noise, and elevate your due diligence to a strategic level.
Transform Your Compliance Program
For more details, read all about the Control Risks and GAN partnership in our press release. If you are ready to see a custom demo of the due diligence platform, let us know! We would love to show you how this partnership can transform your existing compliance program.
Developing meaningful stakeholder engagement to successfully manage risk
Integrating third-party data into your third-party risk management (TPRM) program - Integrating with third party systems
Interacting with high-risk parties and government officials in the life sciences and extractive industries sectors