Third-Party Risk Management Remains a Top Business Concern for Procurement and Compliance Professionals
D&B Compass is now available to provide businesses a more complete view of customers, suppliers and third-parties, leveraging an AI workflow platform
“Organizations are still struggling to glean true insights because their
data is spread out, housed in disparate systems across the company,”
The lag in automation adoption by organizations may be rooted in a number of issues, ranging from difficulty integrating systems after mergers or acquisitions, to a lack of consistent data. The complexities in successfully collecting and screening third-party data continue to grow, but it is imperative for deeper due diligence. In fact, over half of survey respondents reported that their organizations had been subject to fraud in the last two years, with many citing failure of their monitoring tools to detect changes in entities as a contributor. Harnessing business insights is increasingly important for compliance and procurement professionals to help mitigate risk to their reputations, and can be achieved by implementing a single, automated workflow.
D&B Compass creates a seamless onboarding experience by working across data system structures to create aggregated views of third-party entities. Having a near real-time, useful view of potential and current business relationships can enable companies to screen efficiently to onboard faster, and monitor entities throughout the entire lifecycle of a relationship. By realizing cost savings and reduced time to onboard, businesses can focus on scaling a flexible program to respond to the dynamic business landscape and regulations.
D&B Compass is currently available in