The challenges of third party compliance

 

 

 

Challenge

IMDEX Limited is a leading global mining equipment, technology and services (METS) company. The company has established operations in all key mining areas including Africa, Asia Pacific, Europe and the Americas. IMDEX understood the importance of transparency and effectively managing the vetting and onboarding of its global third parties, however the company’s process was largely paper-based and tedious. IMDEX appreciated the value in building a comprehensive third-party onboarding programme and was looking to include an additional review, assessment and remediation of the compliance risks facing the company’s third parties.
 
IMDEX approached us with the following challenges:
  • A manual approach for managing third-party onboarding that was not scalable
  • Lack of clear oversight into third-party compliance and integrity issues 
  • Difficulty in tracking, monitoring and screening global third parties
  • The need to proactively manage third-party risks

Answer

The Red Flag Group® provided a holistic solution which included:
  • An advisory assessment conducted over a series of WebEx sessions
  • A review of the current onboarding process, existing questionnaires and workflows
  • Implementation of an automated platform to manage the onboarding process
  • A pilot programme to ensure buy-in from the business and operations teams

Timeframe

3 months from the kick-off call to configure the platform, train users and rollout the programme.
 
Why The Red Flag Group®?
  • Provided guidance around compliance risks based on a number of factors including the third party’s country, contract size and business relationship with IMDEX
  • Rewrote the questionnaire to include key compliance-related and industry-specific questions
  • Built a personalized scoring framework that automatically identified high-risk third parties
  • Configured the ComplianceDesktop® platform with the client’s revised workflow, including automating IntegraWatch® screenings directly from questionnaire submissions 
  • Provided a dedicated project team to implement the technology solution

Deliverables

  • Streamlined process and onboarding workflow
  • Reconstructed questionnaires for third parties
  • An automated platform to manage the lifecycle of third-party onboarding.

To find out more about our products and services and how we can help your company, please visit www.redflaggroup.com. If you have any enquiries, please contact info@redflaggroup.com.

 
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