Know Your Business Partner (KYBP) Platform

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 components:

  1. Master Data Management
    • Initiating a new assessment by filling in the business partner master data or request the vendor to do so himself via his own dashboard on the platform
  2. Business Partner Classification and Screening
    • Mandatory sanction list screening and a risk classification of the relevant business partner
  3. Risk Assessment
    • Execution of a risk assessment to determine the relevant risk areas. The result is a risk profile per business partner interaction
  4. Management Plan
    • A structured management plan will be created and provide clear remediations measures to reduce the relevant risks based on the risk profile
  5. Documentation
    • An intelligent and audit-proof documentation of all due diligence activities
  6. Monitoring and Auditing
    • A transparent Monitoring and Auditing concept with live data

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

Key benefits at a glance:

  • 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