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RiskRate Enterprise Due Diligence Report Descriptions

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Datasheet
RiskRate Enterprise Due Diligence Report Descriptions
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About this Datasheet

NAVEX’s Third-Party Risk Management platform provides the flexibility to carry out deeper levels of due diligence to meet unique compliance needs. See how.

  1. For anyone responsible for:
    Third-party risk management, vendor management, third-party due diligence
  2. What you'll learn:
    • How RiskRate helps you uncover third party risks and mitigate them as quickly as possible with multiple report levels, analyst-led reviews and enhanced investigation options
    • The description, features and usage of each report type

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RiskRate Enterprise Due Diligence Platform Report Descriptions

NAVEX’s RiskRate platform gives you the flexibility to carry out deeper levels of due diligence to meet your unique compliance needs. With multiple report levels, analyst review and enhanced investigation options available, you can be confident your third party risks are uncovered and mitigated as quickly and efficiently as possible.

Due Diligence Type Report Description When to Use Report Features
Single Screening Report - Batch upload of multiple third party names - Screens against: - 500+ sanctions/watch lists (including OFAC, EU, UN and HM Treasury, for example) - PEP (politically exposed persons) lists - Exposure to adverse media from 60,000+ global publications - Configurable look-back period for data sources for up to 10 years - Initial risk assessment rating (Red, Yellow, Green) Use to screen large pools of existing third parties. If risks are detected, conduct additional, deeper screening with: - Multiple Screening Report - Organisational Questionnaire Screening Report - Advanced Organisational Report - Enhanced Due Diligence Analyst-Led Review - Low cost per third party - Continuous daily monitoring - Automated report generation – new report generated when there is any material change to the third party (change in ownership, legal action, etc.)
Multiple Screening Report Everything included in the Singe Screening Report, PLUS: Add four known names for any organisation: screening of up to four names of a third party’s management, directors, owners or affiliated companies. The additional names will be screened daily against - Sanction/watch lists - PEP lists - Adverse media Use to establish a deeper level of daily monitoring for new or existing third parties by including reputation screening against the names of up to four key company leaders in daily monitoring. (You provide the names to monitor.) - Analyst-Led Report Review can be added to this report - Analyst-Led Enhanced Due Diligence can be added to this report
Organisational Questionnaire Screening Report Everything included in the Multiple Screening Report, with the additional feature of data collection through administration of a customisable survey: Creation and administration of a customisable, interactive online questionnaire to collect ownership/management/affiliated company information from the third party you want to monitor - Customised onboarding questions can be added to the questionnaire to collect important information specific to your organisation - All collected names are submitted for daily screening Use when company ownership/management/affiliated company’s information needs to be provided by the third party. Also use when your organisation wants the answers to specific, customised onboarding questions. - Analyst-Led Report Review can be added to this report - Analyst-Led Enhanced Due Diligence can be added to this report
Advanced Organizational Questionnaire Screening Report Everything included in the Organisational Questionnaire Screening Report with the addition of: - Administration of an extensive online questionnaire which captures: - Identity verification including name, parent company name, location, and industry code - Financial risk including cash flow, leverage, and bankruptcy track record - Compliance risk, including a proprietary “Commitment to Ethics” questionnaire that covers anti-corruption and anti-bribery policies, communications, training and enforcement - Reputation risk including government employment, government ownership and debarments - Background credit check (requires a D&B DUNS number) - Credit report data - Document collection, including financial statements, code of conduct or other policy documents, insurance certifications, or any other documents relevant to the business partner screening process - Online certification capturing the date as well as the name and signature of the submitting officer for the business partner - Automated data analysis - Automated risk assessment Use when you require an extensive automated background check and Dun & Bradstreet financial ratings. - Analyst-Led Report Review can be added to this report - Analyst-Led Enhanced Due Diligence can be added to this report

Analyst Report Review and Enhanced Due Diligence

Through a partnership with Pacific Strategies and Assessments (PSA), a global leader in analyst-led due diligence, RiskRate clients may request an Analyst-Led Report Review or Analyst-Led Enhanced Due-Diligence for automated report they’ve run. This allows clients to combine the RiskRate automated reports with fully integrated analyst activity tied to a client’s risk policies.

Due Diligence Report Type Report Descriptions When to Use
Analyst-Led Report Review Add an Analyst-Led Report Review to any Organisational Screening Reports for: - Executive summary of the report focused on the specific findings that drive risk - Resolution of adverse media, sanctions, watch and PEP alerts - Best practice-driven guidance on next steps to mitigate identified areas of risk Use when your organisation feels a third party needs a more in-depth, human review wand internal analyst availability is limited.
Analyst-Led Enhanced Due Diligence Report Add an Analyst-Led, Enhanced Due Diligence Report to reports for: Reliable data to screen your highest-risk business partners»» Analyst-led in-country, in-language research and records check against: - Litigation - Business registry - Resolution of credit bureau information by reviewing the credit report online and initiation of a credit bureau investigation when appropriate (Advanced Organisational Background Screening Report only) - Adverse media in local language Use when your organisation feels a third party needs a more in-depth, human review wand internal analyst availability is limited.

About NAVEX

NAVEX’s GRC software and compliance management solutions support the integrated risk, ESG and compliance management programs at more than 13,000 organizations worldwide.