Compliance Solutions: Ready-to-use yet Modular and Adaptive Corporate Compliance Solutions

As 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.