Dr. Roman Zagrosek, CEOAs newspapers flashed the incident that involved a reputed organization coming under the scanner for offering bribe to a public official, little did the firm know that the business partner who committed the crime was not covered under their business partner due-diligence checklist. The reputation of this multi-million corporation was at stake due to the absence of a foolproof compliance structure. “With the effects of corruption becoming ever more evident with bribery, back-handers, money-laundering, and terror financing, it's hardly surprising that compliance regulators are taking a tougher line,” begins Dr. Roman Zagrosek, CEO of Compliance Solutions. Compliance guidelines are often neglected; even by enterprises that have to comply with appropriate regulation, their policies are usually restricted to internal corporate processes that mostly exclude the important task of screening the business partners. Compliance Solutions works with the vision to avoid costly oversights by providing ready-to-use yet modular and adaptive IT and business solutions for corporate compliance including business partner due diligence (check of sales intermediaries, suppliers, or customers), permanent screening and ongoing monitoring of business partners, risk assessments, self-assessments, high risk transaction approval, data protection, whistle blowing, anti-money laundering, compliance case management, and eLearning.
According to Zagrosek, the business partner bribing the officer is an external firm that is jeopardizing the reputation of the organization. “The extent of damage from such acts is deep and impactful. Enterprises need processes where they are able to obtain information from the business partners that can be verified and checked for any integrity problem. To facilitate this need, we offer competent and reliable next generation compliance solutions that easily address customer challenges,” adds Zagrosek.
Through the company’s compliance solutions customer can deal with the entire (end-to-end) business partner due diligence life cycle; that is to say from data collection, verification and validation of data, the evaluation of results, the approval process within the given workflow (hierarchy), and to quality control of the business partner’s work and payment due diligence.
By contrast to content providers/ databases, which provide company information, sanction and watch lists or adverse media, Compliance Solutions covers the entire Business Partner due diligence and integrity check and not only the identification and monitoring of Business Partner risks.
Our MCS Compliance Platform is the most advanced and powerful IT platform to efficiently support and automate compliance tasks and processes available on the market
“We cooperate with content providers and use interfaces to external databases and integrate them end-to-end into our customers’ due diligence workflow and approval processes,” says Zagrosek.
The firm’s standard compliance solutions are based on their flexible and adaptable Modular Compliance Solution (MCS) software. “Our MCS Compliance Platform is the most advanced and powerful IT platform to efficiently support and automate compliance tasks and processes available on the market,” asserts Zagrosek.
The MCS concept is based on different standard functionalities (encompassed in separate modules) such as a very powerful and sophisticated workflow engine, dynamic forms and web-based questionnaires, user management, access and security control, advanced analytics of big data (machine learning and artificial intelligence), risk screenings and permanent monitoring, interface factory to other systems and content providers, business intelligence and reporting of standard key performance indicators, audit trails, and more.
“In short, at the end of the day, we help our customers to stay out of trouble, which means multi-million or even billion dollar fines, prison sentences, and reputational damages,” states Zagrosek.
With an aim to keep organizations away from the risk of compliance breaches, Zagrosek along with his team will continue to enhance their compliance solutions and empower business and partnership initiatives.