Comprehensive third party or supplier risk management screening to avoid problems

Global business operations involve dealing with a plethora of partners, vendors, and other business partners. As a result, the company is at risk from regulatory, financial, strategic and reputational threats due to a very complex network of third parties. Thus, it is necessary to get important business intelligence on the third parties to ward off such threats. This is called third partyrisk management.

The Lexis Nexis Research solutions offer effective tools to get complete information about third-party entities and manage them easily. Some of the tools have been discussed here.

Diligence spotter

LexisNexis HongKong diligence spotter searches international sources for Company information databases or individual information. The third parties are screened against Interpol notices, PEPs, and sanctions. The tool also generates AML and MiFID risk profiles. Complete risk assessment is done to identify potential risks that require greater research.

The LexisNexis Supplier risk management tool also enables automatic batch screening of current and new third-party entities. Automatic batch screening refers to the process of automatic checking of the third party entities against official sanction lists, Interpol lists, and other international lists. Thus, their credentials are verified for the benefit of the client company.

The third parties are classified by geographical exposure, activity, origin of clients and KYC compliance. Far reaching case administration alongside work process and review devices help in influencing the screening to process much more effective.

Integra Check

If the risk level indicates deeper research on the third party entity or the diligence spotter identifies a risk, then the third party risk management tool comes into play. This tool enables further investigation into the concerned third party entities for more thorough screening. This ensures that integrity and compliance risks are eliminated.

LexisNexis Entity

LexisNexis Entity is a cost-effective part of LexisNexis Supplier risk management system. The Entity gives access to a wealth of market intelligence which is not available on the open web. This is possible because it does not use conventional search engine method for research.

LexisNexis Entity uses PESTLE framework for Supplier risk management. PESTLE analysis framework uses Political, Economic, Socio-cultural, Technological, Legal and Environmental factors for media monitoring and research. The client companies are provided analytics and result visualizations to get an apparent picture of the third party networks and supply chains. Thus, the companies can identify and manage the risks in a more efficient manner.

The sources of research and monitoring include news, industry and trade journals, business information or journals, regulatory information, legal publications sanctions, PEP lists and more.

The company can customize risk analysis functions of the tool to identify the most crucial risk concerns that affect it.

Regulatory compliance

Compliance Solution with the local and global rules and regulations is more difficult for companies engaged in international trade. LexisNexis helps in protecting the business interests by the following methods.

•    Regular monitoring of suppliers and third-party risks to ensure complete compliance with the regulations.

•    Business information of third-party entities which help the company in determining their track record and presence of litigation.

•    Regular monitoring of Regulatoryinformation to ensure that the client company is always aware of the changes in the rules and regulations from time to time.

Financial risk in the form of fines, settlements, and others is averted by preventing compliance failures.

Newsdesk: An Advanced Media Monitoring And Analysis Tool

Nowadays media plays an essential role in the growth of an organization, and there is always a dire need for analytics tool that helps you to get the vital information. It is not possible for you to search any required information from thousands of resources. So they media monitoring tool that will provide them the required news which will indicate the current competition, upcoming trends and especially performance of the product. 

You can use filters while searching a particular topic but sometimes this process shades out many vital resources. There are some processes where you need to combine various tool to extract all the required information from different resources. But this kind of news monitoring process takes an enormous amount of time which is not feasible for organizations. So in these situations, LexisNexis Newsdesk comes into play which helps you quickly dig deep on the web and get the news as well as other information that pertains to the organization.

Newsdesk from LexisNexis HongKong has become a boon for many organizations because it allows the group to share critical statistics and information among colleague. However, this media monitoring tool comes prepared with all security concerns, and all the information that is shared contains copyright. It allows the employees to demonstrate to their superiors how they are meeting the desired goals and it is shown in the form of data visualization.

Newsdesk, not all only serves an essential news monitoring tool but also serves as a well-organized social media monitoring tools that grabs your information from 2.3 million posts on a daily basis. This influential tool works as a single platform that collaborates with news, TV, radio coverage, social media, and printed press.

This tool stacks 2.4 million news articles on a daily basis so when you get your information, it comes after proper filtration from millions of articles. It gives you the opportunity to cover various information regarding current regulatory information that concerns your business operation. 

It allows you get access to a huge number of topics on international market which gives the company to stay exposed all kind of information. It is a way of exploring new brands that might help in the growth of the organization. All the info is stacked in company information databases so that you can access them anytime you want.

Newsdesk serves as a crucial byproduct of LexisNexis Business Insight Solutions HK, and it offers numerous features to its clients. 

• ·         It extracts your required information from 300 million current news articles spread across different platform.
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• ·         The real-time feature allows you to cover thousands of print sources, online news, and TV.
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• ·         It easily refines topics with the help of efficient search scrutinizers which are specially designed for extracting business information.
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• ·         It stays updated with all favorite social media  montoring tools  so that you can explore emerging trends and get information about upcoming trends.
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• ·         This powerful tool monitors millions of news articles on a different platform which is entirely spam-free and fully searchable.
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• ·         You can fully customize the monitoring tool to receive news from particular sources.
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• ·         All the analyzed data along with charts are stored in Excel Sheets.
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• ·         It allows you gain automatic mode for email alerts and sending company's newsletter along with the required data.

This tool can be used by organizations at any level and will work in the same way in any part of the world. 

Know how a third party risk assessment company will help you in recognizing fraudster suppliers

With the inception of the internet and IoT, the days are gone when people do businesses in real world with physical customers. Now, most of you have businesses over the internet. No matter, in which business you are, you must need a professional’s help.  

Doing online business is fun, but sometimes it also brings several types of hindrances regarding services or supplies. To solve such problems in a very easy way, all you need to contact a professional Business Information.

To be successful you just need to take into account potential risks with vendors, or you can say that a supplier risk. This is the very famous face of any business. Suppose, if your provider is not delivering your services or goods on time then, in this case, you could lose your potential customers. This is the place where you need to hire a Third Party Risk Management company. By hiring such services, you can protect your business from different types of third party risks by getting Business information. Few of them are listed below:

l  Supplier risk

l  Financial risk

l  Credit risk

l  Legal risk and so on.

In the present scenario, Supplier Risk Management companies’ risk assessment includes below given factors:

Financial stability: It is one of the most important assessments done by the administration companies. It is the only factor due to which most of the small or even big businesses shut down. To know the financial health of your supplier, your hired management company’s professional will ask few questions to the supplier and provide Business Information. 

By answer given by supplier, this assessment would come to an end. Questions might be of following types: is supplier ever reach near possible bankruptcy; is supplier ever cheated there any client by not paying them; few questions would be related to low-profit margin or debt load.

Transportation: Another significant factor considered for supplier risk assessment. Most of the risk management firms consider factors such as means of transportation, weather-related issues or natural disasters during goods transportation, alternate routes, and alternate service providers. In addition to this, insurance of goods during transit, transportation costs, and timely delivery schedules are few other factors needed for supplier risk management. 

Legal issues: There are several types of legal issues that need to be overlooked during co-ordinating with a supplier. Few important ones that should not leave at any cost are compliance solution and regulatoryinformation. Your hired professional will talk to your supplier on sensitive legal issues and try to find out whether they have violated the legal terms in the past or not.

Moreover, they ask for legal pending notices if they found your supplier risk management. Violation of warnings and fines could affect your supplier’s ability to match with your requirement. Sometimes, due to few significant regulatory issues providers shut down their businesses or pay heavy fines which affect their ability to supply goods to their potential clients.

Labour stability: Most of the risk assessment reports are made without assessment on labour stability. Factors such as legal status of workers, union contracts, availability of employees as well as even succession planning could affect a large or small company's skill to supply your business.