Thomson Reuters, SAP Collaborate to Help Businesses Manage Compliance and Third-Party Risk Challenges

Thomson Reuters is collaborating with SAP to allow its World-Check content to be available to customers within the SAP Business Partner Screening application. The aim is to help organizations better manage their third-party compliance and risk challenges.

This will allow World-Check’s risk intelligence data to be utilized within SAP Business Partner screening to simplify, reduce cost and increase third-party-risk due-diligence to help organizations improve vigilance over their global business operations.

The ability of SAP Business Partner Screening to screen mega-volumes of business entity data and transactions in real time, combined with World-Check risk intelligence data, creates a game-changing third-party risk awareness and mitigation capability.

Thomson Reuters World-Check database consists of millions of profiles related to heightened-risk individuals, entities and their business networks to assist clients in uncovering potential connections to bribery and corruption, sanctions, politically-exposed persons (PEPs) and other regulatory risks.

The database covers more than 240 countries and territories and monitors more than 530 sanction, watch and regulatory lists.

Compliance, legal, procurement and risk teams use this risk intelligence to improve their oversight of customers, suppliers and other third parties to better anticipate and deflect potential regulatory or reputational problems, as well as fraud, and to minimize exposure to penalties and fines.

Built on the SAP HANA platform, SAP Business Partner Screening can handle multiple sources of data and quickly screen high volumes while minimizing false positives. It offers real-time alert notifications and puts holds on suspicious or potentially harmful transactions, helping firms protect their businesses.

The system can also adapt to changing requirements and enable companies to develop new screening scenarios as business expands and strategies evolve.

SAP Business Partner Screening offers:

  • Streamlined integration to ERP systems and other open interfaces
  • Trusted data/content relating to customers and third parties
  • Comprehensive solutions for accurate and timely risk assessment and due diligence
  • Standards for managing the identification and measurement of third-party risks and regulatory obligations, such as sanctions compliance, fraud and bribery prevention, human trafficking and conflict minerals

 

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