Due to regulatory focus globally, organisations are under pressure to demonstrate “know Your Supplier” or KYS, throughout the vendor relationship. Failure to understand your suppliers, their beneficial owners and business practices, could lead to regulatory exposure, penalties and fines.
This has led to two key costly activities financial institutions must complete:
1. Current vendor reviews
2. Periodic reviews of suppliers based on their perceived level of risk
Both activities are expensive as they require a vast amount of manpower to access multiple data sets, wade through false positives and complete internet based research, prior to building or adding to a KYS file.
Unfortunately, almost as soon as either of activity is complete, the value of the review degrades as customers' circumstances change, meaning the review does little to reduce regulatory risk.
Using a tailored version of our core suite of products, ICX4 continuously match any internally held data to a large selection of external data sources (Known End State) ranging from corporate registries, ID & V to global regulatory databases.
Based on user defined rules, we are then able to alert on any material changes. Or, automatically update non-material changes, to ensure your internal data is current and that any potential risks are dealt with.