Third-Party Supplier Risk Compliance for Global Energy Firm
FTI Consulting Streamlines Supplier Screening for AML, Anti-Bribery Compliance
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May 06, 2024
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A global energy company needed a way to process and screen 80,000 suppliers for AML, anti-bribery and other purposes, and fold the information into cloud-based source-to-pay and e-procurement systems being implemented by a procurement vendor.
Our Impact
- FTI Consulting leveraged our internally developed base solution, FTI COMPLY, to enable the company to process a high volume of vendors in real time, increasing automation and vendor processing efficiencies.
- FTI Consulting’s solution created comprehensive tracking of all due diligence activities, legal interactions, and risk assessments, enabling instant report generation for potential regulatory review for the client.
- The customized solution acts as the central engine behind an automated due diligence and onboarding process, prioritizing higher risk suppliers and focusing compliance on where it’s most needed.
- This solution from FTI Consulting provides a valuable toolset for regulatory compliance, transparency, efficiency, risk management, and audit preparedness, ultimately supporting the client's overall governance and compliance objectives.
Our Role
FTI Consulting’s solution provides the client with a number of important features:
- Cloud-based for the scalability to research thousands of vendors across multiple regions with different data privacy regulations
- Continuous third-party monitoring against global risk intelligence databases including registry data and regulatory watch lists, PEP, sanction and media coverage
- Integration with search engines and multiple databases for greater global information collection and investigative coverage
- Automated key workflow modules and due diligence procedures to maximize use of scarce compliance resources
- A monitoring dashboard including due diligence KPIs, graphics and reminders
Published
May 06, 2024
Key Contacts