Solutions
Third-party Risk Management
A global corporation aims to enhance its third-party risk management (TPRM) by utilizing advanced screening and continuous monitoring to identify and mitigate risks across various domains, and streamline the onboarding process:
- Identifying and Mitigating Compliance Risks: Ensure adherence to health, safety, and environmental standards, and detect bribery and corruption.
- Monitoring Financial and Operational Risks: Track financial stability and business continuity.
- Protecting Information and Labor Rights: Safeguard data privacy and ensure compliance with labor rights.
- Enhancing Disaster Management: Monitor third-party preparedness for disasters.
Approach
SV provides a comprehensive third-party screening and monitoring solution that supports onboarding and continuous monitoring. We collect proprietary, curated, high-quality data and apply AI capabilities to filter and refine it based on client-defined criteria. Our automated AI-led solution screens and continuously monitors more than 9 million third parties globally, offering hyper-targeted alerts in near real-time. This enriched data is correlated using advanced language models to deliver actionable insights across various risk domains, such as compliance, financial stability, operational resilience, information security, labor rights, and disaster management. SV delivers strategic advantages through historical screening and near-real-time data delivery, helping clients effectively manage third-party risks and streamline the onboarding process.
Deliverables
- Historical Screening Data Feed: Providing relevant risk events for third parties over the past five years within 24 hours of screening.
- Continuous Monitoring Data Feed: Delivering hourly hyper-targeted alerts about relevant risk events.
- Client interactive dashboard – Providing AI/LLM analysis and summarization with hourly update
- Client unique reporting – Based on client requirements
Key benefits
- Enhanced Risk Detection: Client receives timely and accurate alerts about potential risks associated with third parties, enabling proactive risk management.
- Streamlined Onboarding: Client efficiently integrates new third parties with comprehensive screening processes, reducing onboarding time and effort.
- Tailored Alerts: Client receives alerts only on risks relevant to their organization, minimizing time spent on irrelevant information.
- Proactive Risk Mitigation: Continuous monitoring allows our client to rapidly respond to evolving risk events, ensuring swift mitigation measures.
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