Control Risks launches due diligence solution for third-party ecosystem

A new due diligence solution to monitor and maintain the third-party ecosystem of companies is looking to transform how businesses safe-guard their operations in an increasingly open era of work. VANTAGE has been brought to market via a collaboration from consulting firm Control Risks and GAN Integrity.

Headquartered in London, Control Risks is a specialist global risk consultancy which works to create secure, compliant and resilient organisations in an age in which risk evolves rapidly. The firm works across disciplines, technologies and geographies to provide its clients with the insight to ensure they can resolve crises that occur in modern business.

Now, Control Risks has partnered with compliance management software producer GAN Integrity to create a new third-party due diligence solution named VANTAGE. The new end-to-end third-party due diligence solution to help compliance teams across the globe manage third-party risk. VANTAGE and innovations like it are increasingly important in this as open innovation has led companies doing more and more in the way of partnership and open ecosystems which have enabled them to respond to business challenges quicker and more flexibly – but have also left them exposed.

Now, the more they work externally, the more risk they are open to attack by cyber threats, so it is vital to keep track of and manage third party risks, with over 90% of FCPA cases being third-party related and an ever-shifting sanctions environment. To combat this challenge, VANTAGE combines GAN’s software platform with Control Risks’ specialist due diligence capabilities across developed and emerging markets to create a holistic and fully digitised compliance process. VANTAGE, which is available now, consists of core modules including third-party onboarding; tiered screening options from automated database checks to in-country due diligence; risk assessments and questionnaires; approval workflows and active monitoring. These features enable compliance teams to adopt a fully automated, risk-based, approach to managing third-party risk.

Commenting on the platform, Greg Esslinger, Senior Partner at Control Risks, said, “Organisations are relying more than ever on a complex web of global partners to deliver critical support to their businesses. The financial and reputational risks presented by these third parties are not only increasing, but must be constantly monitored and addressed as part of any compliance program. Technology is essential when compliance officers are facing a growing responsibility without a corresponding increase in resources.”

Thomas Sehested, Founder and CEO of GAN Integrity added, "Control Risks is the leader in investigative and due diligence services. Their consultants are second to none in discovering the full picture. To pair that expertise with our market-leading software platform will truly raise the bar for third-party due diligence and give organisations greater peace of mind."