Know Your Business Partner (KYBP) Platform

2023 AppMarket Solution Awards Winner - Business Impact These awards recognize the best of the best partner solutions on the Appian AppMarket

Overview

Many organizations interact with an increasing number of business partners presenting them with several key risks:

• Financial Stability and Reputation - If a business partner violates a law this can lead to significant financial and reputation damage for the organization
• Flexibility and Sustainability - The regulatory environment and the expectations of external stakeholders regarding transparency and integrity are constantly changing
• Integration and Automation - Missing integration into the existing IT landscape and a low level of automation can cause considerable administrative effort and related costs
• Complexity and Transparency - The increasing amount of third party interactions lead to a complex business partner network  with a lack of transparency

The KYBP Platform helps organizations of all sizes across industries ensure compliance and quality along the entire value chain. The solution is modular, flexible and extendable across different risk areas allowing it to be easily tailored to specific clients needs. The fully automated and integrated end-to-end solution enables organizations to significantly reduce administrative overhead and costs. Transparent and audit-proof reporting of all business partner interactions guarantees full visibility for stakeholders at any time.

Key Features & Functionality

1. Business Partner Profiling & Screening
   - Onboarding and profiling of external business partners
   - Mandatory Sanctions & Embargoes list screenings

2. Risk Assessment
   - Standardized logic to determine and assess relevant risk areas

3. Management Plan
   - Systematic and automated mitigation plan
   - Structured performance of due diligences
   - Clear remediation measures to reduce relevant risk areas

4. Intelligent Documentation
   - Audit-proof documentation of all due diligences
   - Consolidation and archiving of all risk assessments of every service provided by the external business partner

5. Continuous and Live Monitoring
   - Frequent monitoring and tracking of results incl. periodic renewal of due diligences
   - Optional: live monitoring

6. Reporting
   - Transparent internal reporting

The KYBP Platform offers the following risk modules standard: Sanctions and Embargoes, Anti-Bribery and Corruption, Conflict of Interest, Confidentiality

Risk modules can be extended to cover the additional risk areas such as: Antitrust, Financial Stability, Product Security, Anti Money Laundering, Human Rights, Treasury, Cyber Security, Product Compliance, Data Protection

Benefits & Business Impact

• Lower Costs - 90% reduction in manual effort and administrative overhead
• Flexible - Modular approach and risk area coverage are tailored to specific needs
• Future-proof - Changing and increasing regulations are covered on a global level
• Easy to integrate - The solution can be fully integrated into the existing IT landscape
• Steering - Profound decision-making based on insightful reportings