Thomson Reuters Teamed Up With SAP Team to Help Businesses Manage Compliance and Risk
- Security and Compliance , Risk Management
- 22.03.2017 07:30 am
Partnership between Thomson Reuters and SAP makes World-Check Data content available to customers within the SAP® Business Partner Screening application. It is thought to improve vigilance across the globe for organizations and management of third-party compliance and risk challenges.
This will allow World-Check’s risk intelligence data to be utilized within SAP Business Partner screening to simplify, reduce cost and increase third-party-risk due-diligence to help organizations improve vigilance over their global business operations. The ability of SAP Business Partner Screening to screen mega-volumes of business entity data and transactions in real time, combined with World-Check risk intelligence data, creates a game-changing third-party risk awareness and mitigation capability.
Thomson Reuters World-Check database consists of millions of profiles related to heightened-risk individuals, entities and their business networks to assist clients in uncovering potential connections to bribery and corruption, sanctions, politically-exposed persons (PEPs) and other regulatory risks. It covers more than 240 countries and territories and monitors more than 530 sanction, watch and regulatory lists. Compliance, legal, procurement and risk teams use this risk intelligence to improve their oversight of customers, suppliers and other third parties to better anticipate and deflect potential regulatory or reputational problems, as well as fraud, and to minimize exposure to penalties and fines.
“Thomson Reuters and SAP are working together to make it easier for companies to manage risk and to satisfy their regulators,” said Phil Cotter, managing director, Risk & Supply Chain, Thomson Reuters. “World-Check data is a crucial piece in an organization’s customer, supplier and third-party risk management workflow. By integrating this key data with SAP Business Partner Screening, customers can more easily automate screening on their transactions and operations. Organizations can feel confident they have a powerful tool to manage some of the most complex tasks they face in today’s global marketplace.”
“This initiative with Thomson Reuters aims to deliver even greater value from SAP Business Partner Screening, which helps companies simplify screening and optimize alert processing, check their business partners’ compliance and secure their business network development,” said Kevin McCollom, head of solution management for GRC solutions at SAP. “With Thomson Reuters World-Check data combined with SAP Business Partner Screening, we intend to provide our customers increased ability to assess third-party risk exposure and prevent potential problems from turning into real ones.”
Built on the SAP HANA® platform, SAP Business Partner Screening can handle multiple sources of data and quickly screen high volumes while minimizing false positives. It offers real-time alert notifications and puts holds on suspicious or potentially harmful transactions, helping firms protect their businesses. The system can also adapt to changing requirements and enable companies to develop new screening scenarios as business expands and strategies evolve.
SAP Business Partner Screening offers:
· Streamlined integration to ERP systems and other open interfaces
· Trusted data/content relating to customers and third parties
· Comprehensive solutions for accurate and timely risk assessment and due diligence
· Standards for managing the identification and measurement of third-party risks and regulatory obligations, such as sanctions compliance, fraud and bribery prevention, human trafficking and conflict minerals