Future of Control | GRC & ERP Technologies: 3rd Party Compliance Check Platform
As part of our vision for the Future of Control, one of the key themes that we focus on is GRC & ERP Technologies.
In daily operations, compliance checks and due diligence run through the whole life cycle of 3rd party management, including 3rd party registration, contract execution, 3rd party ongoing assessments. The management of 3rd parties involves different departments, but it also requires a lot of manual operation, which is time-consuming and labor-consuming. How to improve the efficiency of 3rd party compliance checking has become a focus area for enterprises.
The Deloitte China Risk Advisory team has recognized this major demand of enterprises from a very early stage, and has been investing in research, development and practice, and achieved good results in technology, platform and mechanism for 3rd party compliance check. This article will briefly introduce the Deloitte 3rd Party Compliance Check Platform to help you quickly understand our service and the benefits to your organization.
Deloitte 3rd Party Compliance Check Platform ("Platform") aims to provide our clients with a one-stop digital and intelligent risk solution, through a platform that is embedded into your ERP system to enhance Governance, Risk Management and Compliance (GRC). With Deloitte's rich accumulation in risk management experience, through identifying the pain points and opportunities in the compliance check process, digital continuous monitoring is realized for 3rd Party identification, review, registration, execution, management and assessment to reduce manual operation and improve the efficiency, accuracy and timeliness of the whole life cycle.
The platform service provides a risk based and intelligent compliance management solution：
Advantages and values
Deloitte 3rd Party Compliance Check Platform ("Platform") helps clients improve management from three aspects: comprehensiveness, efficiency and timeliness.
The following case study looks at a Deloitte 3rd Party Compliance Check Platform project for a company in China, where Deloitte assisted a client to monitor their risks related to supplier management and the procurement process through the platform.
The client achieved the automatic acquisition and collation of supplier data, and realized automatic risk monitoring based on the confirmed risk scenarios. From this project, the platform reduced the volume of daily mechanical audit work: for example, the time required for information acquisition and audit of a single supplier was reduced by 4-6 hours on average. Through the continuous monitoring function, the platform enables the client to receive the warning of potential risks on a timely basis so that relevant personnel could follow up and address the concern.
For this project implementation, the following core functions of the Platform were utilized:
- Supplier Information Extraction
The platform connects external data sources according to user needs to extract key supplier information, and combines the key information with the client's internal business data to build the consolidated supplier data platform. Business owners can automatically acquire and display the latest internal and external data through the platform, eliminating the tedious steps of looking up supplier information from different application systems.
- Supplier Negative Public Sentiment Information Acquisition
The platform automatically collects and displays negative public sentiment information to assist the client to perceive the risks in real time and generate a knowledge base, which would collect the common negative public sentiments, so that client could take quick response to the risks.
- Supplier and Procurement Process Risk Scenario Monitoring
Based on Deloitte's previous service experience and data analysis technology, the relevant risks in the business scenarios are implemented through the platform for automatic monitoring and early warning.
- In addition, based on the external data source information, the platform automatically matches the key data fields and reveals the list of suppliers at risk, which includes trade embargo, blacklists, conflict of interest, etc.
- 3rd Party Risk Analysis Report
The platform integrates relevant data, risk scenarios and analysis results to form the visual risk reports.
Overall, Enterprises' focus on efficiency improvement and risk identification has penetrated into all aspects, and 3rd party management is no exception. Deloitte launched the 3rd Party Compliance Check Platform service to help clients to enhance their control environment, through leveraging our rich experience and leading intelligent technology, to enable support across the whole 3rd party management lifecycle.