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Fraud Assessment and Intelligence Tool (FAIT) is an automated solution that allows screening large volumes of third parties and identification of financial, tax, fraud and other risks.
Our solution automatically collects large amounts of data: registration, financial, geographical, press information and other from multiple sources. In a next step it performs a series of tests, that allows to assess the overall risk of cooperation for each tested entity.
The regulator requires due diligence
Companies 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 guidelines for business organizations, but the list is by no means exhaustive.
It should be emphasized that third party screening is a natural process for starting and continuing cooperation with third parties, which is intended to protect the companies 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 due to failure to pay financial liabilities by contractors.
- Operational risk - the loss of the reputation of a reliable trade partner.
- Reputational risk - concerning unethical or fraudulent behavior, including corruption.
FAIT is a perfect solution for performing one-time screening of full databases of our clients' business partners, as well as for performing periodic verifications (most popularly, on a quarterly, half-yearly or annual basis).
FAIT provides support in demonstrating due diligence in the process of third party screening in case of a dispute with the tax authorities.
FAIT enables verification of hundreds or thousands of third parties using, among others, data from business registers, financial information, information on VAT status, sanctions lists, national “blacklists”, press information, government recommendations, geographical data, opinions of research agencies and many others.
FAIT uses a number of PwC’s specifically designed tests and weights assigned to them which enables tailoring the solution to the client’s specifics. Then based on the results of tests, it performs an assessment and calculates the overall risk rating for each of the tested third parties from the tax, financial, operational and reputational perspective.
FAIT can be used both to verify your current as well as potential business partners with whom you would like to cooperate.
FAIT is based on our methodology on third party screening, which is a combination of our experience gained during the investigation and compliance projects for our clients, extensive knowledge in the field of business intelligence with the use of government guidelines for third party verification.
Visualizing results in an user-friendly way
- As part of FAIT, we will provide you with a dedicated panel that allows modification of the criteria and weights and tailoring the solution to the specifics of your company.
- With this solution you will obtain customised results and reliable analyses in the form of interactive visualisations.
FAIT is aimed among others at identifying "shell companies" potentially involved in the
tax fraud or money laundering.
FAIT verifies the third parties’ reliance on cooperation with you, using financial data from external sources and data associated with the business partners provided by you.
FAIT verifies the risks arising from the geographical location of third parties, including having addresses in virtual offices.
FAIT reviews counterparty financial metrics in the liquidity/solvency area and incorporates them into its risk assessment.
Comprehensive risk analysis of cooperation with business partners is a complex process and requires use of diverse sources of information. Automation of the business partners screening and assessment by FAIT will save your time and increase process efficiency.
FAIT automatically fetches and fills in registry, financial and other data available through API, which allows for a flexible approach to the scope of performed analyses and significantly reduces its time.
FAIT performs a series of tests and risk assessments of third parties in a fully automated manner, which increases the cost-effectiveness of this solution and ensures short response times.
Implementation process in 4 simple steps
Carry out pilot work
During the workshop, determine the scope of data and tests to be conducted
Delivery of basic counterparty information
Delivery of results on a one-time and interim basis
- Price for 500 entities:
- Price for 1000 entities:
- Price for 2000 entities:
- Price up to 20 entities:
- Price up to 100 entities:
- Price for a larger number of entities - as for the first screening including 30% discount
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