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Risk & Fraud Solutions

Third-party risk management

Create a consistent, repeatable process for vendor, investor, and third-party review

With changing regulations and technologies, it is important to know and trust that who you work with is in good standing

You may experience issues currently such as disconnected and inaccurate data, budget and personnel restraints, and restrictive workflows that prevent you from effectively completing your third-party risk management, know your vendor (KYV), and supply chain risk identification programs. 

With Thomson Reuters Risk & Fraud Solutions, you can quickly and accurately conduct identity verification, risk analysis, adverse media review, and flag vendors and third parties for further investigation in minutes instead of hours.

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Best practices in the industry 

How are your competitors approaching third party risk management?

Know your business partners

As the saying goes, “you can’t mitigate what you haven’t identified,” so the first questions supply chain managers should ask themselves are:

  • How well do you know your business partners?
  • Are they reputable? Reliable?
  • Do they reflect well on the company?
  • Does their location or mode of operation represent any risks to the supply chain?
  • If so, are those risks acceptable? Tolerable? Unavoidable? Mitigable?

We have solutions to help answer these questions. Learn more below. 

Top 5 supply chain risk mitigation strategies and best practices

  1. Build an internal team with the right skills and secure senior management support
  2. Evaluate all suppliers in the chain, not just a few preferred ones
  3.  Make risk evaluation an essential part of the supplier onboarding process
  4. Be able to map your supplier network for critical items, components, and services
  5. Recognize that risk mitigation is an ongoing process; not a periodic chore

Thomson Reuters Risk & Fraud Solutions

Solve some of your most pressing challenges throughout your entire workflow

Validate identities

Confirm the identity of person/entity presenting it to help prevent fraud during onboarding

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Screen for risk

Screen individuals/entities for global sanctions to help identify PEPs, SOEs, and other potential risks

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Assess risk

Verify if individuals/entities are within your risk tolerance levels to determine if you should enter into a business relationship

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Monitor risk

Evaluate on-going activity of individuals/entities to be alerted of any new adverse matters

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Investigate concerns

Investigate suspect hits and alerts to quickly understand and mitigate troubles that could harm your business

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Know your vendor and supply chain risk management 

Solutions to help streamline your onboarding, risk assessment, and continuous evaluation of third parties

Global identity verification

CLEAR ID Confirm

Make sure they are who they say they are with credible, current and comprehensive data. CLEAR ID Confirm helps you quickly identify and validate subject identities.

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Risk detection and monitoring

CLEAR Adverse Media Sanctions

Access adverse media and sanctions data to quickly see the entire picture of an individual or business and any risk they pose to your organization or agency.

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Risk detection and monitoring

CLEAR Global Beneficial Ownership

Protect your organization’s reputational risk with international company registration and global business ownership information.

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Subject risk analytics

CLEAR Risk Inform

Leverage simplified and organized criminal records across all jurisdictions along with configurable risk indicators to confidently assess and avert potential fraud risk.

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Online investigation software

CLEAR

Access billions of public records with transparent and intelligent analytics to detect, prevent, and investigate risk.

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Regulatory Compliance

Regulatory Intelligence

Anticipate and manage global regulatory developments in a single solution, removing the burden of having to manually track multiple sources of regulatory information.

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Featured insights on third-party risk management 

Dig into related articles, white papers, and case studies.

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How to score risk and assess third-party vendors

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Due diligence business investigations checklist

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The impact of COVID-19 on supply chain risk

How does your organization compare with competitors and colleagues?

  • 57%
    of organizations now use technology to help evaluate and document supply chain disruption*
  • 16%
    of organizations conduct due diligence on key suppliers during the procurement stage*
  • 80%
    of organizations note that top management commitment to supply chain risk is now greater post COVID-19*
  • 60%
    of business continuity managers are planning on conducting deeper due diligence on their suppliers post-COVID-19

* BCI Supply Chain Resilience Report 2021

Ready to get started?

Request a consultation today and learn more about how your company can harness the power of trusted data with risk & fraud solutions to keep your organization running smoothly.

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