Most companies start third-party risk management by doing “due diligence,” a term understood by corporate lawyers to mean verification of facts that underlie a business decision. This illustration outlines a modern approach to ongoing due diligence before and after on-boarding.
Most companies start third-party risk management by doing “due diligence,” but too many fail to keep up with changes to the risk profile after on-boarding. Automated systems for ongoing due diligence can evaluate and integrate information from a wide range of data sources about changes in legal ownership, financial activities, complex corporate relationships and partnerships, and other indicators of potential illegal or risky conduct. This illustration outlines a modern approach to this critical task.