Business Partner Due Diligence

Managing Third Party Risk with Siron®

Overview

Preserving and maintaining your company's reputation in a globalized economy is one of your biggest challenges and is critical to success. Establishing a business partner due diligence process to determine potential risks from partner networks, helps you to comply with statutory regulations and effectively implement your business strategy. Our solution creates transparency in partner networks, to accelerate business processes and minimize compliance and corruption risks. 

Solution Architecture

Business Partner Due Diligence

When entering business relationships, our workflow-driven solution checks partners against defined risks. Because things change, recurrent checks make sure that risk isn't introduced later in your partner relationships. Automated matching with sanction, anti-corruption, or internal black lists is more efficient, it replaces laborious, manual list matching which reduces costs. Integrated cockpits grant an overall management view on business partner activity to monitor risk and compliance status at enterprise level. The open and flexible solution architecture easily integrates with any legacy and third party systems and enables fast implementation times.

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MTU Automates Global Business-Partner Due Diligence

MTU

From a compliance perspective, would you treat a Western medium-sized business partner in the same way as an independent sales agent from one of the emerging African or Asian markets? Probably not. MTU had to do just that but with a standardized, yet flexible, electronic workflow. Siron®KYC by FICO TONBELLER was capable of managing this balancing act.

Even before MTU introduced the FICO TONBELLER solution, the subsidiary of Rolls Royce Power Systems AG, had focused on compliance to meet international anticorruption regulations stipulated by the UK Bribery Act and the U.S. Foreign Corrupt Practices Act (FCPA). The impact of these laws goes beyond national boundaries affecting all companies that conduct business activities or have subsidiaries in one of these countries or are listed on a U.S. stock exchange. In order to identify risks posed by business partners and take appropriate measures, both laws demand risk based due-diligence procedures with variable depth and intensity. In addition to its own sales force, MTU relies on a network of partners. These partners act as intermediaries for MTU and are subject to an intensive risk assessment. Apart from integrity and compliance, the partners' sales and service quality, their financial performance, or contract terms and commission agreements play an important role. A due-diligence solution by FICO TONBELLER has been used to manage these business partners since 2014.