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.
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
- Build an internal team with the right skills and secure senior management support
- Evaluate all suppliers in the chain, not just a few preferred ones
- Make risk evaluation an essential part of the supplier onboarding process
- Be able to map your supplier network for critical items, components, and services
- Recognize that risk mitigation is an ongoing process; not a periodic chore
Research and technology that can help your organization with its third-party risk management programs
Better understand third party risk management and find tools to help assess risk.
Featured insights on third-party risk management
Dig into related articles, white papers, and case studies.
Know your vendor and supply chain risk management
Solutions to help streamline your onboarding, risk assessment, and continuous evaluation of third parties
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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