The new research report shows 43% of third-party relationships are not subject to any form of due diligence checks, as companies struggle to monitor third-party risks and protect themselves and their supply chains in the post-COVID-19 environment
With an average of nearly 10,000 third-party relationships to deal with, many organizations are not fully carrying out due diligence at either onboarding or ongoing monitoring stages. This is compounded by competitive pressures, greater globalization, and increasingly complex supply chains. Despite greater regulation and stronger enforcement action, the report finds that organizations are struggling to gain visibility over third-party risks and take appropriate action.
COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk. Global supply chains can create competitive advantages for businesses and cut costs for consumers, but they also carry significant risks. If businesses do not have a clear insight into all levels of their supply chains and the ability to conduct due diligence quickly and easily, they cannot hope to mitigate or manage their risk.
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Enhanced Due Diligence
Identify third-party risk in your supply chain. Global regulations require organizations to develop and maintain a thorough understanding of their supplier and third-party risk. Failure to comply with these regulations may lead to enforcement actions, hefty fines, and potentially lasting reputational damage.
Enhanced Due Diligence reports from Refinitiv provide detailed background checks on individuals and entities, helping compliance teams comply with anti-money laundering, anti-bribery and corruption regulations, optimize the due diligence process, and protect company reputation.
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