Third Party Due Diligence

Third Party Due Diligence

Is your company at risk?

Is your company at risk?

Corruption challenges on the increase – KPMG report

A KPMG survey of companies representing a range of industries, including banking, has found a sharp increase in the proportion of respondents who say they are highly challenged by anti-bribery and corruption (ABC) compliance, compared to five years previously.

The results are published in KPMG’s report 'Anti-Bribery & Corruption: Rising to the Challenge in the Age of Globalisation' (PDF, 2.2KB), which found that the number of companies challenged by ABC compliance has increased by more than 50 per cent.

Is your company at risk?

How well do you know your TPIs?

Failure to adequately assess Third Party Intermediaries and to know how they operate could lead to exposure to reputational damage, operational risk, government investigations as well as monetary penalties and potential criminal liability.

Global transactions and regulatory scrutiny increasingly compel companies to examine their business relationships with TPIs.

In a recent survey undertaken by KPMG we found that nine in ten of our integrity due diligence reports on TPIs across all sectors identified some kind of serious risk that warranted further review: Almost one in four (23 percent) of reports highlighted significant integrity risks.

Fraud is the most prevalent risk associated with TPIs. If you have responsibility for third parties it may be timely to consider just how you might help protect yourself from these serious issues.

KPMG Forensic has developed a proprietary technology called Astrus which enables an extremely efficient and reliable search of an extensive range of public information sources across the world.

It is a proactive due diligence solution that helps you obtain information and assess risks associated with TPIs, such as customers, suppliers, agents and other business partners.

Astrus responds to your need to comply with the regulatory compliance requirements in areas like:

  • Anti-money laundering 
  • Politically-Exposed-Persons screening 
  • Anti Bribery and Corruption legislation

Further information

If you have any queries on the Astrus service or TPI due diligence management please contact us.

 

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Astrus – improving third-party risk management

Astrus combines a broad range of sources with market-savvy insights...

 
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