Secure your success, cultivate trust, build third-party peace of mind into your due diligence

In today's fiercely competitive landscape, cultivating a resilient brand and safeguarding your reputation are paramount for success. Yet, the intricate web of third-party relationships introduces nuanced challenges. Recognising the role of your suppliers, clients, and partners, and understanding their potential risks becomes the cornerstone for establishing your company as a model of reliability and attaining the coveted third-party peace of mind.  

The case study below examines the dynamics of third-party due diligence and is a real-world example highlighting how VANTAGE Diligence, and a robust framework and immediate action, safeguards a business to achieve third-party peace of mind, in the complex landscape of compliance.

The client

A large, multinational technology company based in the US.  

The challenge 

The client came to Control Risks for a comprehensive compliance solution. We worked with them to implement a solution that included compliance audits, forensic investigations, and litigation support.  

As part of this solution, Control Risks VANTAGE helped the client conduct thousands of due diligence reports. When conducting a VANTAGE Diligence 'Compliance Standard' report, researchers in our Bogotá, Colombia office identified a concern about a third-party technology reseller despite the reseller initially being classified as 'low-medium risk'. This classification was supported by an internal due diligence questionnaire endorsed by the business sponsor (a local Channel Manager). Neither the reseller nor its principals had been flagged in any database screenings, and the digital record, though sparse, appeared clean. However, Control Risks VANTAGE had manually retrieved corporate records form a local registry office and discovered that the company’s registered purpose was the provision of currency exchange services, not the implementation of software projects in Colombia on behalf of our client – a clear red flag. 

Our solution 

Control Risks VANTAGE had already established a standardised response procedure for risks and red flags with the client’s senior compliance leadership team through the addition of 'VANTAGE Assess' (a component of VANTAGE Compliance Solutions) to reports in Latin America. With VANTAGE Assess, our experts can meticulously review screening and due diligence report findings and deliver customised risk assessments tailored to a client’s unique risk profile. As part of VANTAGE Assess, our team can also provide mitigation guidance and next steps as the client continues their third-party compliance journey.  

Our client’s paralegal in Colombia who typically ordered due diligence reports on behalf of the company was fully empowered by our VANTAGE framework. Armed with a detailed report and a clear direction, the paralegal swiftly addressed the red flag without needing to pursue time-consuming and resource-intensive internal escalations. The paralegal followed the recommendation within the VANTAGE Diligence and the VANTAGE Assess report to request additional information from the third-party seeking an explanation of the discrepancy. All correspondence was conducted through a secure third-party platform fully integrated with Control Risks VANTAGE – the same platform that the client used to manage risk-ratings, screenings, due diligence, and ongoing monitoring. 

The reseller quickly responded to the paralegal indicating that the classification was a clerical error made by the registry office, offering extensive documentary evidence of their technical implementation expertise. The entire process, from risk identification to resolution, took place within 48 hours of the initial report delivery and incurred no additional costs, allowing our client and the third-party to proceed with their transaction seamlessly. 

In the dynamic landscape of compliance, achieving third-party peace of mind is not just about obtaining reports: it's about a proactive and integrated approach. Control Risks VANTAGE – with its innovative solutions, expert collaboration, and integrated technology – ensures that compliance professionals can navigate complexities with confidence, protecting organisations from unforeseen risks and safeguarding their reputations.  

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