Automatic screening of business partners
How does Intelligent Risk Monitoring work?
Intelligent Risk Monitoring is an original tool that performs dozens of tests to allow you to immediately screen large volumes of business partners and identify financial, tax, legal, and fraud risks.
The tool automatically collects and analyzes large amounts of data, including information from business registers, as well as financial and tax data. The next step involves performing a series of tests to assess the risk associated with each of the entities being screened.
Legally required due diligence
Businesses are legally required to exercise due care in screening their business partners. At the moment, the Polish Ministry of Finance sets out business partner screening criteria, but the list is not exhaustive.
Importantly, screening business partners is a natural process for businesses that want to start or continue collaboration with business partners. Its aim is to shield businesses from various risks such as:
- Tax risk – the loss of the right to deduct VAT or involvement in tax fraud / VAT carousels.
- Financial risk – losses caused by the non-payment of financial obligations by business partners.
- Operational risk – the loss of the reputation of a reliable trade partner.
- Reputational risk – related to ethical misconduct or criminal behavior, such as corruption.
Intelligent Risk Monitoring supports ESG goals
Our solution is part of the supply chain screening process, which is an integral part of ESG (Environmental, Social & Corporate Governance) strategies. Adequate and reliable screening of business partners will support transparent business management and the development of corporate governance.
From 2023 onwards, all public and private companies (regardless of the sector) with more than 250 employees will be subject to non-financial reporting requirements. Using Intelligent Risk Monitoring will support you in running your business in an ethical and responsible manner.
Features
The Intelligent Risk Monitoring utilizes methods we have developed for assessing business partners, based on our experience in implementing investigative projects and on our extensive knowledge in the area of business intelligence with the use of governmental guidelines for screening business partners.
Intelligent Risk Monitoring performs a number of tests developed by PwC, and uses the outcomes and assigned weights to assess tax, financial, legal, and operational risks associated with business partners.
Our tool facilitates screening of tens of thousands of business partners, using various data, including data from business registers, financial information, information on the VAT status, as well as data from the Central Register of Ultimate Beneficial Owners (CRBR) and geographical data.
The Intelligent Risk Monitoring helps businesses demonstrate that they exercised due care in the event of a dispute with tax authorities.
The tool can be used to screen both current business partners and potential business partners with which your organization wants to collaborate.
Our tool is perfect for one-time checks of full databases of business partners and for performing screening at periodic intervals, most typically on a quarterly, semi-annual, or annual basis.
Visualizing results in a smart way
- As part of Intelligent Risk Monitoring, we will provide you with a dedicated panel with the possibility of modifying the criteria and test weights depending on your company’s needs.
- With this tool, you will obtain results tailored to your needs and reliable analyses in the form of interactive visualizations.
Benefits
Comprehensively analyzing the risks associated with collaboration with business partners is a complex process that requires you to tap into a variety of information sources. Automating the process of screening business partners with the help of Intelligent Risk Monitoring in the SaaS model will save your time and increase your efficiency. The tool allows you to screen business partners in any place and at any time.
Our tool screens business partners in terms of financial indicators in the area of liquidity/solvency and takes them into account in the risk assessment. Intelligent Risk Monitoring is also aimed at identifying “shell companies” potentially involved in tax fraud or siphoning off funds.
Our tool automatically downloads and completes data from business registers, financial data, and other data available through API, which allows a flexible approach to the scope of the analyses being performed and significantly reduces the time needed for their performance. Intelligent Risk Monitoring performs a series of tests and assessments of business partner risks in a fully automated way, thus boosting the cost-effectiveness of the solution and providing short feedback time.
The tool verifies the degree to which business partners are reliant on doing business with you, using financial data from external sources and turnover data provided by you.
Area of operation
The Intelligent Risk Monitoring system provides for screening of companies located in the following countries:
- Poland
- Czech Republic
- Slovakia
- Hungary
- Romania
- Bulgaria
Pricing
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