Most clients want to know how effectively their suppliers handle their own financial obligations. One helpful financial screening technique is to leverage information from the national network of credit bureaus, Dun & Bradstreet, and other similar services, to gain an up-to-date, objective analysis of the overall financial health of suppliers.
Thorough financial screening can lend insights into all of the following, and more, including:
The financial health of even one of your company’s suppliers can, unfortunately, make or break your business.
It’s therefore wise to assess the risk of current and potential suppliers to help ensure your company receives its deliveries and services on time, successfully collects payments when they are due, and is not in trouble should a supplier go out of business unexpectedly.
Conducting such due diligence will decrease your risk.
Protect Your Business From Terrorism, Money Laundering, Identity Theft & Fraud
It is integral for all businesses receiving federal funding or making payments to include a provision in their compliance policies to ensure they are not doing business with restricted individuals or entities placed on the Office of Foreign Assets Control (OFAC) list.
Depending on your industry, federal laws may require companies screen each vendor, contractor, and employee’s debarment status against certain exclusion databases.
These federal databases include, but are not limited to:
Companies that invest in a strong Environment, Health & Safety (HSE) program are investing in the future well-being of their employees.
HSE screening ensures vendors are in compliance with the Occupational Safety and Health Administration’s (OSHA) Process Safety Management (PSM) Standard and the United States Environmental Protection Agency’s (EPA) Risk Management Program (RPM) Rule.
An effective EHS Screening procedure may deliver helpful insights pertaining to:
We'll help reduce regulatory risk related to OFAC, FCPA, trade license, etc.
We monitor over 600 databases, both local and national, to ensure our information is always up to date.
We'll help support your supply chain all around the world, 24/7, 365 days a year.
Spanning more than 600 sanctions lists, government databases, and regulatory & law enforcement lists, ReguComply is a one-stop solution built on best-in class data sources to identify compliance issues related to OFAC, FCPA (anti-money laundering), adverse media, trade licenses, etc.
It’s specifically designed to track and monitor your clients and vendors, and continuously crosscheck local and international sources as they get updated.