Thomson Reuters will collaborate with SAP to offer its World-Check risk intelligence data to be utilised within the SAP Business Partner Screening application, to help organisations better manage their third-party compliance and risk challenges.
By using this data, companies will be able to simplify, reduce costs and increase third-party-risk due diligence to help organisations improve vigilance over their global business operations.
The World-Check database contains millions of profiles related to heightened-risk individuals, entries and their business networks, covering more than 240 countries and territories, and monitoring more than 530 sanction, watch and regulatory lists. The information can be used by clients to uncover potential connections to bribery and corruption, sanctions, politically-exposed persons (PEPs) and other regulatory risks.
“By integrating [World-Check data] with SAP Business Partner Screening, customers can more easily automate screening on their transactions and operations. Organisations can feel confident they have a powerful tool to manage some of the most complex tasks they face in today’s global marketplace,” said Phil Cotter, managing director, risk and supply chain, Thomson Reuters.
“This initiative with Thomson Reuters aims to deliver even greater value from SAP Business Partner Screening, which helps companies simplify screening and optimize alert processing, check their business partners’ compliance and secure their business network development,” said Kevin McCollom, head of solution management for GRC solutions, SAP.
“With Thomson Reuters World-Check data combined with SAP Business Partner Screening, we intend to provide our customers increased ability to assess third-party risk exposure and prevent potential problems from turning into real ones.”
Built on the SAP HANA platform, the SAP Business Partner Screening application filters multiple sources of data and screen high volumes to offers real-time alert notifications and puts holds on suspicious or potentially harmful transactions.
