AML Conversations The Challenges of Handling Large Populations of Third Parties
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Feb 17, 2025 Managing third-party relationships grows complex as companies expand. Discover the critical role of technology in streamlining risk management strategies. Learn how effective due diligence starts with data aggregation and a risk-based evaluation. Delve into the importance of sanctions and media screening to mitigate legal and reputational risks. This conversation provides insights into navigating the challenges tied to large vendor populations in today’s dynamic landscape.
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Discovering Third-Party Populations
- Companies realize their large third-party populations in surprising ways.
- Sometimes a new compliance head discovers unscreened third parties, or organic growth overwhelms existing systems.
Managing Large Third-Party Populations
- Consolidate third-party data, regardless of its source.
- Filter this data using a risk-based approach, considering factors like country risk, spending, and data access.
Technology for Third-Party Due Diligence
- Use technology to bridge the gap in managing third-party risk.
- A technology-based solution can help streamline due diligence and free up human resources.