Third Party Verification High volume third party due diligence for compliance confidence

We make sure that the data generated by high volume third party compliance programmes doesn’t paralyse your team.

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Modern compliance processes have the potential to generate an overwhelming volume of data, which is only useful for risk-based decision-making if it’s accurate.

Risk Advisory has developed the LUMA due diligence platform to help take the pain away. Our Third Party Verification service is available exclusively to our LUMA clients. Third party-supplied questionnaires are systematically reviewed and checked by our multilingual specialists to ensure they’re complete and the information is accurate. The questionnaire is only released into the client’s risk management process once every line has been verified, with any ‘red flags’ highlighted. LUMA offers the highest level of confidence that risk management decisions are based upon accurate data, and offers a full audit trail, and rapid commissioning of more tailored and in depth due diligence services if they are needed.

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BENEFITS

Clients who partner with Risk Advisory benefit from:

  • Expert verification team – A multilingual verification team that acts as an extension of our clients’ own compliance units, enhancing their capacity and reach.
  • Complete case management – Third party data that is entered and verified on the same secure platform that clients’ use for case management.
  • Highly flexible solution – Close alignment to our clients’ processes, accommodating their precise third party data requirements.

Key features of our third party verification service include:

  • Complete third party risk management solution with customisable monitoring
  • Single interface for all business partners, risk ratings, documentation and status
  • Flexible management information reporting and dashboards, and logging for comprehensive, efficient, trackable communications
  • Case management, approval, reminders, tasking and calendars
  • Commissioning of enhanced due diligence
  • Questionnaire verification and reporting
  • Vendor screening
  • Supplier screening
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Seamless integrity risk management

A global manufacturer leverages our LUMA platform to manage integrity risks for all of its third party supplier and distributor relationships. LUMA’s questionnaire capabilities are exploited to collect information directly from third parties, which is automatically collected in the platform’s case management system.

Before the client begins to make decisions based upon the supplied information, our verification team confirms that the data is accurate and complete. Our Third Party Verification team liaises directly with relevant parties to gather missing information, check that any uploaded documents meet the client’s requirements, and conducts high-level checks to confirm key information, ahead of releasing it for risk-based decision-making.  

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Verification across multiple languages

Risk Advisory’s Third Party Verification team supports the in-house compliance personnel of an energy company by reviewing the information provided to it by its suppliers during the on-boarding process.

Our client’s supplier base is global and completes our LUMA platform’s questionnaire in their local business language. Our multi-lingual team checks that the questionnaire has been completed fully and, if not, contacts the supplier to get the required information. The team also highlights any inconsistencies, before returning the results to the client.

Interested in our third party verification services?