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Challenge

  • U.S. Foreign Corrupt Practices Act (FCPA), U.K. Bribery Act, and other anti-bribery/anti-corruption laws and regulations impute liability to company based on a third party acting on a company’s behalf
  • Qualify and evaluate customer’s partners using public and subscription databases

 

Solution

  • Design and implement automated workflow solution to assess risk levels and generate report templates
  • Create external-facing partner application form with embedded risk scores
  • Right-source support for risk assessment through categorising risk levels, assigning highest risk partners to specialists and lower risk partners to Elevate’s team
  • Create and maintain playbook with annual review of partner risk scoring methodology
  • Leverage public databases/3rd party due diligence software for PEP screening, background checks, credit reports and more
  • Work closely with partners, internal audit, account managers, and senior legal team on possible risks or adverse findings
  • Maintain strict SLAs based on risk levels
  • Maintain metrics database with monthly, quarterly, and annual reporting

Impact

Processed and reviewed due diligence reports for over 2,000 new and legacy partners each fiscal year across all geographies
Mitigated financial, legal, and reputational risk
Achieved efficiency gains and cost reduction with automated workflow
Dedicated KYC researchers now follow essential time-saving processes
Every step in process logged in a central workflow repository for easy auditing and record-keeping
End-to-end process managed by Elevate

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