Batch screening of third parties as part of an acquisition process

Challenge

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 required management of a large volume of checks in a very short of time, but needed analysis on the results to determine whether any information that was identified was of a significant enough risk for them.

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.

Answer

The client engaged us to provide the following:

  • Analyse 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.
  • Prepare and load third party names into our IntegraWatch® | Compliance Screening database as part of the clients Compliance Desktop® | Compliance Technology Platform.  
  • Conduct false positive analysis and determine actual hits that were relevant and had compliance concerns that posed a risk.
  • Draft 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. After the contract was signed, we kicked off the project immediately with our global team and managed to complete it within three days. 

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 knew the risks that were important to the client and were aware of 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 eight languages for this project and had the team assembled in less than a day. The whole process was completed in under three days. 

Deliverables

We delivered a full consolidated findings report that summarised all the findings, issues and recommendations on the next steps forward.

Building findings into client’s third party profiles in ComplianceDesktop®

 

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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Post acquisition distributor due diligence
Post acquisition distributor due diligence

This project was across 20 countries. We had the team ready to engage in the project and we had the langua...

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