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With the COVID-19 pandemic applying huge stress to global supply chains, a new survey explores the critical area of third-party relationships revealing the hidden dangers in supplier, distributor and partner relationships.

Refinitiv survey exposes severe lack of due diligence on business supply chains

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.

Access the full report to find out:

  • How all these factors have impacted the risks that organizations face – and their ability to manage them.e
  • How COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk.
  • Why green crimes and environmental risks are rising; and require more accurate analysis.

Refinitiv Due Diligence solution for Supply Chain Risk management 

  • ADVANCED BACKGROUND CHECKS ON INDIVIDUALS AND ENTITIES

    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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  • COVID-19: Lessons from supply chain disruption

    Supply chain disruption caused by the spread of COVID-19 has highlighted the reactive nature of business continuity plans. How can enterprises ensure they are better prepared for future challenges?

    1. Enterprises should seize the opportunity to revisit their business continuity plans in the wake of COVID-19 supply chain disruption.
    2. It is vital to know where supply chain disruption is most likely to occur, how governments will react, and whether alternative suppliers are available at a moment’s notice.
    3. Due diligence can help map the jurisdictions of vendors, apply a country risk rating, and identify the potential risk of each vendor commensurate with their criticality to enterprise operations, fostering a continued understanding of exposure and the means to mitigate it.
     

Access the full report

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