Owning A-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 means less time advising and guiding the business, and a slower onboarding process, with less reliable channels. They needed a change in the process and ownership of the project. While they could have been wasting money, they were focused on form over substance and not always on what was the most effective for the business.
The client engaged us to take over the A-Z of the 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
- Watchlist screening on every third party and key principals, using IntegraWatch® | Compliance Screening database
- Providing analysis, results and conclusions back to the client’s compliance department
- Approving and rejecting third parties based on 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 onboarding by over 30%
- Deeper analysis of third party questionnaires and changing to Substance over Form
- More time for the client to spend guiding and advising the business and contributing more to the business
WHY THE RED FLAG GROUP?
- Process Junkies. We admit that we like process. We enjoy reducing it to simple workflows and we enjoy the drive to simplify and improve the performance of the process. In our view, if the process is wrong, the whole project will fail.
- Depth and Speed. We act fast and we know how to drive these processes. We built the process, we built the technology, and we drafted the questionnaire. We are the best people to operate the program for efficiency reasons.
- Focus on the Business. We also understand the business and what the client was trying to achieve. This approach means that we know how to drive the business forward
- 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 client when red flags are identified
- Expert analysis report on each third party