How to Identify the Risk of Third-Party Corporate Compliance in an Organization
Corporate compliance, regardless of the size of the business, is vital, given the present business landscape. However, ensuring compliance at all times can be challenging for businesses since information is often dispersed across multiple sources.
If a business were to go about manually managing third-party corporate compliance, it is safe to say that not only would the process be extremely time-consuming and laborious, but there would also be an increased chance of human error.
Fortunately, organizations can now use the D&B Onboard platform, which provides a single point of access to multitudes of easily accessible information and tools that will help make corporate compliance management hassle-free and time-efficient.
Why is identifying and managing third-party corporate compliance risk vital?
One of the key reasons why it is so important for organizations to manage third-party corporate compliance risk is to make sure that they are always operating with integrity and to reduce corruption and bribery attempts. Therefore, it is the need of the hour for compliance professionals to decide upon and implement processes that can identify risk.
In the present business market, third-party compliance risk is increasing at an alarming rate. This is due to a few key factors. The first is that businesses today outsource a lot more to third parties – this inadvertently also puts the organization at higher risk.
In addition to this, regulators across the globe are laser-focused on how companies are managing third-party corporate compliance risk, and any violation can cost the business a substantial sum of money and damage its business.
It is for these reasons that managing third-party corporate compliance risk is vital.
What Makes D&B Onboard Features Worthwhile
In a market that is saturated with options, are you wondering why you should be choosing D&B Onboard? Here are some reasons why this superior software comes highly recommended.
1. Single point of access: The corporate compliance management software offers a single point of access so that corporates can view detailed compliance data from multiple sources through a single platform.
2. Constant compliance checks: D&B’s Onboard platform keeps a constant check on various entities to ensure corporate compliance with global sanctions and regulations at all times.
3. Access to corporate trees: If you were to manually identify third-party corporate compliance risk, you would find that accessing complex corporate family trees is no easy matter. However, the Onboard software lets businesses access corporate family trees, so there is a better understanding of compliance risk management in terms of corporate linkages.
4. Automates efforts: With the D&B Onboard software, you do not have to have dedicated personnel to perform third-party compliance risk identification and management. Instead, the software automates all your compliance risk assessment efforts, which, in turn, ensures that you get valuable, error-free data.
Reach out to D&B for a demo of the corporate compliance tool to know more about its benefits and use cases in the corporate world.
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