Business Partner Check
The Third Party Check is already mandatory for banks and insurance companies, which means that business partners should be checked and the cooperation documented. In a globalised world, without a thorough third party check, it becomes difficult to uncover or prevent issues such as money laundering, corruption or fraud. Anyone who is indirectly or directly linked to corruption, money laundering or fraud via a business partner can be legally prosecuted. This causes not only reputational damage but may lead to fines or prison sentences. In the meantime, however, more and more companies from various industries have recognised the need for checks and are carrying them out voluntarily.
To minimise such significant risks, a system is needed that makes checking and approving third parties easy and reliable and allows the process to be securely documented. Innovative applications should be based on the client’s risk matrix. Information from external tools such as research databases (e.g. Dow Jones Risk & Compliance, Lexis Diligence, etc.) can be integrated into the application and taken into account in the results of an assessment.
Learn how Business Keeper's Business Partner Audit can help you minimise your risks and make the process easy and safe for all parties involved: https://www.business-keeper.com/en/bkms-compliance-system/bkms-third-party