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Vendor due diligence

The most critical element of a robust, contemporary compliance program. Identify, screen, evaluate, and monitor your organization’s relationships with third parties.

Due diligence is a regulatory expectation.

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When considering adopting a new vendor, regulators expect that you:

1
Understand the qualifications and associations of all third-party partners, including agents, distributors, and consultants commonly used to conceal misconduct.
2
Capture the business rationale for needing the third-party in each underlying transaction.
3
Reveal the degree of risk posed by third-party partners, including the evaluation of any existing relationships with foreign government officials.

Automation

Reduce manual intervention

Compliant organizations rely on an automated screening solution to remove the guesswork from conducting searches as needed against a growing number of international watchlists.

International exposure

React quickly to global watchlist amendments

Companies with international exposure require a bespoke, automated solution, as manual screening is incapable of detecting additions and modifications to international watchlists in a timely manner.

Vigorous enforcement of Russia-related sanctions remains a top priority of global regulators.

Foreign governments rely on sanctions as a primary means of facilitating foreign policy objectives. An uptick in sanctions activity has accompanied the global response to the Russian Federation’s infamous Ukraine incursion. In turn, governments in the United Kingdom, European Union, and elsewhere have aligned their sanctions activity to maximize the impact on Russia’s military-industrial capacity.

A fully bespoke solution

Address your business’s unique risk profile

Whereas most compliance solutions provide out-of-the-box configurations for compliance officers to adopt, the inverse is true for GAN Integrity—we work with compliance officers to conform our solutions to their existing processes.

Holistic third party management

Manage complex purchasing and supply chain functions

GAN Integrity offers a holistic tool designed not just for screening, but for third-party management. GAN Integrity allows all stakeholders within an organization to visualize, in real-time, key third-party relationships and their attendant risk factors.

See the ways GAN Integrity can help you:

GAN Integrity delivers third-party metrics in a logically organized, highly intuitive, and user-friendly format. Tiered categorization of third-party risks permits an organization to readily identify those third-party relationships that merit the most attention from a compliance perspective.

GAN Integrity’s reporting mechanism allows for seamless communication of relevant third-party data to constituent groups across the organization—from frontline personnel to leadership. These reports can be tailored to both purpose and audience, making it possible to communicate as many or as few details as the compiler desires.

GAN Integrity’s third-party management platform tracks the entire lifecycle of third-party relationships—from onboarding to termination. Critical tasks—such as the submission of initial third-party information and any follow-up required to satisfy internal processes—can be performed in a centralized location complete with an audit trail to attest to the organization’s compliance efforts.

Case spotlight: MidFirst

Finding of Violation

On July 21, 2022, the U.S. Department of the Treasury’s Office of Foreign Asset Control (OFAC) issued a Finding of Violation to MidFirst Bank, a privately-owned, Oklahoma-based financial institution subject to U.S. sanctions regulations. According to OFAC, MidFirst maintained accounts for, and processed approximately 34 payments on behalf of, two individuals added to OFAC’s List of Specially Designated Nationals and Blocked Persons for approximately two weeks following their initial designation.

OFAC regulations explicitly require all “U.S. persons”—including corporations based in the United States—to refrain from conducting business with any entity or individual designated by OFAC for inclusion on the SDN List.

Realize a custom third-party risk management solution for your business.

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