Inherent third party risks have always been one of, if not the most important concern of companies working with suppliers. Today, even more companies are working remotely, making cuts and saving on staff leading to an even heavier reliance on third parties. Add to that today’s increasingly unpredictable global sanctions landscape and the ever-broadening scope of sanctions, businesses face unprecedented compliance challenges. Luckily, Control Risks VANTAGE Screening is here to alleviate some of these common issues.
A robust third-party due diligence program overlays itself, from screening and onboarding to monitoring and re-vetting, on every stage of your third-party process, providing a capability to handle a high volume of third parties efficiently and accurately while protecting your company from exposure. This is particularly important for the very first stages of your due diligence process, namely, your third-party screening process.
Today, it is with great pride that we introduce you to Control Risks VANTAGE Screening; a state-of-the-art screening solution that will transform your third-party screening process. With this product, we have focused on improving the way third-party relationship managers consume and review screening data, empowering them with astute and well-structured reports to make informed decisions on how to proceed with third-party relationships.
Why you need an efficient screening solution
Screening comes with an array of challenges, from poor data, to screening data dumps, poor or non-existent screening post-approval of the relationship, and poorly structured screening reports which render screening reviews daunting and lengthy. With a large volume of third party relationships to process, poor screening data and ambiguous reports requiring additional research time not only leave much room for inconsistency and error but significantly slow down the review process.
What you need is a powerful screening solution that will present clean and authoritative screening data to enable a decision on how to move forward with a third party relationship. You also need a solution that will further augment that data with meaningful context to reduce false positives and empower teams to focus their efforts where they matter the most.
Premium data sources at your fingertips
Quality and coverage of database screenings are essential to ensure that no match is missed which could potentially expose your company to legal liability and high regulatory fines. With Control Risks VANTAGE Screening you can access world-class data with premium insights from the world’s leading data screening source LexisNexis augmented by Control Risks’ internal analyst data, all updated on a daily basis.
Hedge yourself against sanctions risks with the world’s most accurate sanctions database and get quality screening reports that are the sum of more than 4.8 million global risk profiles covering individuals and organizations from across 240 countries and territories. The screening datasets are broken down into six different categories, these include:
- Sanctions Lists: with global sanctions coverage monitored and updated daily.
- Enforcements: with coverage of global enforcements as well as regulator and law enforcement lists, monitored and updated on a daily basis.
- Adverse Media: covering 35,000 + newspapers, magazines, TV, radio, transcripts, and websites monitored daily, as well as deduplicated profiles and over 50 Risk Categories.
- Politically Exposed Persons (PEPs): covering multiple categories and broken down to multiple levels; including PEPs on international and regional levels ranging from government officials, public officials, senior legislative branch, military and judicial figures, state-controlled businesses and key executives, ambassadors, and top diplomatic officials, family members, associates and advisors, multi-national organizations and associated leadership.
- State-Owned Entities: to uncover state-owned and state invested stakes in entities with SOE data. Access a list of government-owned entities and government-linked corporations with thresholds of 1% ownership and above, and/or 50% ownership and above.
- Associated Entities: screens against the OFAC 50% list covering individuals and entities who themselves are not sanctioned, yet have a connection to a sanctioned company or individual allowing you to uncover hidden risks.
State-of-the-art Screening Reports Delivered Right to Your Platform
Working with premium data is only one part of elevating your screening experience. The way the data is presented is the other. With Control Risks VANTAGE Screening, reports have been designed to enable a human-led process. All reports are clear, succinct, and bring the most relevant information to the forefront to allow reviewers to quickly process the data at hand. All screening reports are requested and delivered right to your platform, which seamlessly integrated data to facilitate the review and management process from initial screenings to deeper levels of research.
“Our goal is to design an intuitive solution that empowers compliance teams managing the third party screening process with the data they need to efficiently complete the review process and make informed data-driven decisions, at scale.”
Alex Harvey, Senior Product Manager, GAN Integrity
Tailor your screening to better manage your risks
Regardless of which due diligence stage you’re conducting, focusing your efforts on the highest risks is crucial. Taking third parties through different levels of due diligence based on their risk profiles is the basis of the Control Risks VANTAGE Due Diligence platform. The same goes for your screening solution. Sanctions risk and corruption risk, for instance, are different, hence the scope of due diligence will be different. Likewise, If your third party is a politically exposed person or is interacting with government officials, that will also change the scope of your due diligence.
Allocating your finite resources correctly from the get go is crucial, which is why screening comes with configurable search strings allowing users to tailor searches to only return the risk profiles that are meaningful to their business and ensure that only relevant risks are flagged. You can scope screening datasets to match your unique requirements, including relevant enforcement lists, SOEs, PEPs and Adverse Media. This also applies to specific party lists and sectors, and domain specific-lists.
Tailoring your screening searches by applying configurable filters will further allow you to avoid under- and over-screening risks, significantly reduce the number of false positives, and hone in on the highest risks to focus your resources and improve the efficiency of your review process.
Supercharge review and remediation with managed services
As an organization, you are most likely handling a large third party population. The last thing you want is a screening review process that takes too long and does not yield astute screening results. With Control Risks Managed Services, you can drive efficiency and significantly decrease the number of false positives by outsourcing remediation and review to a team of expert analysts thereby supplementing industry leading datasets with bespoke process design and human assessment.
Control Risks VANTAGE Managed Services takes a hybrid approach to screening data collection by combining client data and business context to provide users with a meaningful and relevant report on third party risks. With a team of more than 3,000 expert researchers in every corner of the world, data returned from database checks are further augmented with insights, internal data, specialist sources, and a wide array of expert global risk insights from Control Risks. Data and insights are then all combined into comprehensive and meaningful reports with local commentary and context.
Post-relationship approval Screening
Once your third-party relationship is approved, your due diligence process should transition into ongoing monitoring mode. During this time any changes to the third-party risk profile should be continuously captured and fed back to your team so you can proactively manage risks.
With Control Risks VANTAGE Screening you can benefit from sophisticated and powerful configuration options for ongoing third party monitoring, rendering alerts on changes only when they match the latest approved matches, rather than any alerts to the original search criteria, saving your team countless hours of review.
Discover Control Risks VANTAGE Screening
Third party vetting involves multiple review stages and pulls on multiple data sources to allow reviewers to make informed decisions. Making each and every one of those stages clear and efficient will improve your overall turn around time on third party processing, but more importantly, ensure that you are capturing all the data and information you need along the way to make the appropriate decision on how to proceed with a third party.
Control Risks VANTAGE Screening empowers you with the data you need right from the start to make sure your due diligence process is off to the right start. Learn more about how you can transform your current processes today.
Miriam Konradsen Ayed is the VP of Product Marketing at GAN Integrity. With a track record of building and executing GTM strategies and growing pipeline for SaaS products, she brings products to life through value-driven positioning and messaging.