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Regulatory compliance – adherence to laws, regulations and guidelines that pertain to your industry – is an established and increasingly prominent part of business today. Failure to be in compliance can result in severe penalties, including legal action, fines and reputational damage. These consequences can have costly and long-lasting repercussions for your business.
The best way to protect yourself from risk of noncomplianceis by performing due diligence. Thoroughly researching customers, suppliers and other third party business partners to make informed decisions about whether to engage with them is your best defence. With D&B - Onboard, conduct your due diligence efficiently:
VERIFY: Know if a business and its principals are who they say they are.
SCREEN: Consolidate information from hundreds of adverse databases in order to conduct a thorough evaluation and make informed compliance decisions
DIGITALLY DOCUMENT: Respond quickly to auditors and regulators to demonstrate due diligence was performed.
Claiming you were unaware is not an acceptable defense if your business becomes the target of an investigation and it’s found that you are involved with a corrupt or unethical business partner. In fact, authorities are less likely to penalize companies that uncover corruption problems during due diligence, disclose those problems voluntarily, and work to alleviate them. Proactively detecting compliance problems, therefore, is critical to preventing fines – or worse.
If you are like most businesses, you understand the importance of due diligence and are performing it in some capacity. However, the struggle with common pain-points - such as information being available but dispersed across multiple sources render due diligence a manually tedious and cumbersome process. This hassle often fuel the inertia and deterrence to execute full compliance.
D&B Onboard is a comprehensive online research tool that provides streamlined access to information that helps verify the identity of businesses and principals and screen them for compliance risk. It electronically documents your due diligence process for easy storage and retrieval to provide evidence to internal auditors and external regulators. It’s a user-friendly, intuitive solution that enables more thorough due diligence for faster, knowledge-based compliance decisions.
Validate business identity against Dun & Bradstreet’s global database of over 250+ million businesses to determine if it is accurately representing itself.
Evaluate confirmed business and named individuals by searching over 18 million records matched to PEP’s, watch and sanctions lists, adverse media and regulatory actions.
Electronically store and archive your due diligence results, including a breadcrumb audit trail, user-entered notes, snapshots of reports used and time, date and user stamped activity.
You may be able to get certain parts of what you need to perform due diligence from other sources, including other departments within your own company, but only D&B Onboard delivers seamless access to all your compliance needs - in one place.
Compliance Thought leadership – explore, learn and apply!
The solution lies in the creation of a compliance perimeter, comprising consistent, relevant, global data. That data insight is used to balance risk against ethical business growth. And to give the green or red light to that new Asian deal your CEO asked you about on Friday night. So how do you do it?
Relationships aren’t a series of isolated interactions. They are an interconnected web of engagement that evolves over time. A relationship platform creates a singular, integrated view of the data and insights required to manage what is often a complex web. You need to ask yourself: Is the information accurate? Is it complete? Timely? Can the information be verified by more than one source?
Establishing beneficial ownership when global organisation structures are so complicated is one of the greatest challenges associated with onboarding. You need global share ownership analysis and research tools that help you get to the ‘holy grail’ of beneficial ownership faster, more frequently and with less risk.
Screening businesses and individuals against sanctions, politically exposed persons lists, adverse media as well as litigation and deeper levels of due diligence, is a critical phase in the onboarding process. Access to risk intelligence allows you to disarm threats—whether it is to combat terrorists, fraudsters and other risk types. That intelligence needs to be comprehensive too: spanning every aspect of US, European and International sanctions and securities exchange actions.
Remember that Asian sales deal? Your CEO may well ask the reasons why you rejected the deal for risk and compliance reasons. Data insight allows you to manage your target entities by creating a full audit trail, adding notes and storing this information within the application for archiving and reporting, avoiding duplication of effort and cost. Make no mistake. Today’s business environment is becoming increasingly regulated in order to enforce ethical business practices. However, no customer is the same; no deal is the same. A data management and data governance framework that spanning global regulations can help organisations perform the necessary customer due diligence, onboard customers more quickly and achieve their overriding ambition: ethical business growth.