Third-Party Risk Management Remains a Top Business Concern for Procurement and Compliance Professionals

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Third-Party Risk Management Remains a Top Business Concern for Procurement and Compliance Professionals


SHORT HILLS, N.J.–(BUSINESS WIRE)–Businesses need to know with whom they’re doing business. A seemingly
obvious pursuit, however, remains a primary challenge across industries.
Understanding third-party relationships – the multi-layered tiers of
vendor and supplier connections – is a critical need unmet for many
companies. Today, Dun & Bradstreet announced details and availability ofD&B
Compass
, its new third-party risk management solution powered by
Artificial Intelligence that allows for comprehensive due diligence and
monitoring of all levels of customer, supplier, and third-party
relationships.

A2018
Dun & Bradstreet survey
of procurement and compliance
professionals revealed that customer/vendor due diligence and ongoing
supplier/vendor monitoring were among their top concerns, yet many
companies have struggled to implement automation in their third-party
risk programs to help combat these issues.

“Organizations are still struggling to glean true insights because their
data is spread out, housed in disparate systems across the company,”
said Brian Alster, global head of procurement and compliance, Dun &
Bradstreet. “Utilizing automated solutions that manage data and workflow
to monitor and report problems can save companies time and money, which
can ultimately lead to more profitable growth.”

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 Compasscreates 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 North America, United Kingdom and
Ireland. For more information about D&B Compass and Dun & Bradstreet’s
risk management solutions, visit https://www.dnb.com/compassforcustomers.

About Dun & Bradstreet®

Dun & Bradstreet, the global leader in commercial data and analytics,
enables companies around the world to improve their business
performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers
insights that empower customers to accelerate revenue, lower cost,
mitigate risk, and transform their businesses. Since 1841, companies of
every size have relied on Dun & Bradstreet to help them manage risk and
reveal opportunity. Twitter: @DnBUS

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