Batch Screening of third parties as part of an acquisition process.
The client, a major worldwide manufacturer, needed support to screen several hundred third parties against our database, and use our compliance expertise to analyse the results.
The client needed someone that could manage the large volume of checks in a very short of time, but also provide analysis on the results and determine whether any information that was identified was of a significant enough risk for the clients.
The client needed both access to data but also our compliance team to analyse the results and provide them with direction and guidance around remediating the results that we found.
The client engaged us to provide the following:
- Analysing the client’s existing data on its third parties, eliminating any duplicates, and cleaning out “bad” data to ensure accurate searching and to speed up the process
- Preparing and loading third party names into our IntegraWatch® | Compliance Screening database as part of the clients Compliance Desktop® | Compliance Technology Platform.
- Conducting false positive analysis and determining actual hits that were relevant and had compliance concerns that were a risk
- Drafting a single consolidated findings report allowing our client to make an informed decision on a large number of third parties in a short timeframe and how they could go forward with any or all of the third parties.
WHY THE RED FLAG GROUP?
- Speed. We are fast. We had this project done in 3 days. After contracts signed, it was kicked off with a global team and completed in record time.
- Cost. We charged a set price and a set deliverable. There was no change in our quote and no extra fees or amounts charged.
- Data. The data we used for this project was ours, built and owned by the Firm. We own the data, we know how to use it and we know how it is built. We are the best people to use our data and report out on it.
- Knowledge. We know Compliance. We knew the risks that were important to the client and we knew what they were looking for. We didn't want to waste their time on false positives or on findings that were irrelevant.
- Languages. We used a team with 8 languages for this project. We had the team assembled in less than a day and worked through the process in less than three days.
WHAT WE DELIVERED
- We delivered a full consolidated findings report that summarized all the findings, issues and recommendations on the next steps forward.
- Building findings into client’s third party profiles in ComplianceDesktop®