Many types of companies can interact in our network. You can share and request information in an easy way. Start with your most urgent need and expand your use over time. You will get an audit trail of all due diligence activities. If many people are involved in your due diligence processes, just invite all of them to you account. You can award different user rights depending on the role of each person. If you keep your “company profile” up to date your colleagues will always know where to find the latest version of documents.
Examples of companies who are currently in our network: asset managers, distributors, institutional clients, brokers, transfer agents, fund administrators, custody banks, cloud service providers, listed companies.
Value for you.
Get proof of compliance.
Document your controls in reports and prove that you comply with laws related to third party risk assessment. Get easy access to the reports in relation to audits.
Keep the board informed.
The board is utterly responsible for outsourcing activities and compliance. Create reports to the board about due diligence activities and third party risks.
Gather data about all partners.
Get immediate access to information by members in the network. Upload documents that you receive via email or other solutions if they are not yet a member of our network.
Check contractual obligations.
Show that you comply with laws and contractual obligations by sending certain types of one-to-one confirmations. For instance that you have had no target market deviations and complaints.
Stop chasing documents.
Colleagues in different departments often need to share the same type of documents about your company. Let them access and share the right version of documents in your profile.
Constant access to documents.
Get access to the same documents next year without having to ask for it. You have constant access and members get an alert to update the profile each quarter.
What can you do?
DD reports
Create reports that will serve as proof of compliance with laws related to third party risk assessment. Auditors can find them easily in relation to sample checks.
Board reporting.
Export data about risks to a “board report”. It will show the date of the latest control and the chosen level of risk. You can also use this report for planning of due diligence activities.
Overview of risks.
Get a summary of risks and monitor follow-up activities in relation to partners. Colleagues from different departments can co-operate and be in charge of different activities.
One-to-one confirmations.
Many things need to be confirmed between partners on a regular basis. Send “target market feedback” and complaints reports to other members in our network. You can also confirm compliance with contractual obligations in such reports.
Collaborate internally.
Make the most of your company profile and let colleagues from different departments share documents about your company – via your profile in GRC WATCH. Only some of you can edit the profile and make sure that your documents are always up-to-date.
Confirm sales within target markets.
Our goal is to automate as much as possible – for parties on both sides in a due diligence process. We have different kinds of alerts and will soon launch many more. We would also like to hear about things that could trigger a risk according to your procedure for risk assessment.
Examples of due diligence.
Know Your Distributor (KYD).
Get access to information in relation to “initial” and “on-going” due diligence on distributors. Make sure that you understand the way they distribute your funds and that they have solid routines in areas like governance and AML.
Know Your Asset Manager (KYAM).
Risk assess product suppliers like fund management companies. Get access to information about their licenses and possible fines. Review documents information about ownership, governance, target markets and routines related to AML.
Know Your Investor (KYI).
Get access to documents which are normally requested in relation to an investment by a distributor or asset management company. Documents like Signatory list, Ownership Structure and Wolfsberg Questionnaire.