Third party due diligence

Third party relationships create opportunities, but also risk. Whether a new supplier, a partner in a transaction or an acquisition target, the financial and reputational costs can be high if something goes wrong. Our experienced due diligence specialists are equipped with the most up-to-date technology to help you mitigate the risks of dealing with third parties worldwide.

Our approach

At Forvis Mazars, our approach to helping you manage and mitigate the risks of dealing with your third parties is to minimise the complexity and keep things simple. We combine the experience and skills of our third party due diligence professionals with current technological solutions to offer you a tailored solution that meets your needs. This can cover meeting regulatory obligations, complying with internal risk processes and procedures, or better understanding the companies and individuals you may be involved with.

We cover an extensive number of financial, political, reputational, environmental and human risks. From bribery and corruption through to PEPs, sanctions and watchlists: we have it all covered and more.

Our technology forms the foundation of our service. If you are seeking an efficient, rigorous, scalable answer, we can build a bespoke service that leverages our AI-based, automated due diligence solution to gain a deeper understanding of your third parties wherever they are around the world. Our solution searches, reviews and analyses thousands of structured and unstructured data sources worldwide. Using natural language processing and machine learning, our AI solution analyses information using the same approach that human researchers take, but without the constraints. The solution also incorporates an automated and integrated workflow system to manage every step of the risk assessment process.

Our people can add a further layer of tailored research and advice, providing their experience and support if you are seeking further in-depth analysis. For example, this could be as part of a fraud investigation. In such situations, we can draw on a range of tools and sources as well as advise on how to act on the findings of the due diligence. Please visit our forensic investigations page (link) for more on how we can support you in this area.

Our automated due diligence tool

Our AI-based, automated due diligence solution can be tailored to give you complete control.

• Flexibility in risk assessment. We offer a tailored approach to suit your needs and requirements. We can calibrate our AI tool to reflect your risk appetite and risk criteria.
• Coverage. Our tool accesses thousands of structured sources such as corporate registries, sanctions lists, watch lists and databases for PEPs. It also accesses huge amounts of unstructured digital/online content in the form of news publications, posts and blogs.
• 97% reduction in false positives. Our tool deduplicates results and removes immaterial or irrelevant results, such as positive news. This means less time reviewing results, quicker turnaround times and cost benefits.
• Live language translation. The tool incorporates live translation of 60 languages reducing the need for you to have in-house researchers/analysts with language capabilities.
• Speed. Searches are done in just 15 minutes.
• Audit trail. Our tool incorporates a comprehensive, transparent audit trail that will satisfy regulatory requirements and your internal governance and compliance procedures.
• Continuous monitoring. We can perform one-off searches (e.g. for investigative or corporate transaction purposes) or we can activate ongoing continuous monitoring (e.g. for supplier relationships).
• Paperless. Electronic profiles are prepared in a user-friendly format that provides summary information on identified red flags.
• Automated and integrated workflows. The tool incorporates a workflow system allowing us to manage the entire third party risk assessment and onboarding process.