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 of D&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.
A 2018 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.
“Organisations 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 organisations 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.