Choose well your subcontractors!
By choosing the right subcontractor, you elevate business integrity in the modern world. Companies bear a profound responsibility to uphold impeccable standards of business integrity. This commitment extends not only to their internal operations, but also to their interactions with third parties. Companies need to ensure that these third parties operate ethically and steer clear of any unethical or illegal activities.
Enter the revolutionary Electronic Know Your Customer ‘E-KYC’ and risk management tool, known as CRA. This cutting-edge solution transformed the way businesses evaluate, engage, and manage third-party risks. By setting its sights on a comprehensive range of risks, CRA helps companies to assess, identify, manage and mitigate third-party risks that can harm your business including:
- Money laundering
- Tax evasion
- Fraud
- Terrorist financing
- Sanctions
- Illicit trade
- Bribery and corruption
- Sustainability ; and
- Cybersecurity.
The CRA uses electronic methods and digital technologies to :
- Assess, identify and choose ethical subcontractors;
- Manage and mitigate third-party risks by proposing mitigation action plans ; and
- Minimize costs, digitize processes, save time and get rid of old traditional ways.
In conclusion, in an era where business integrity is non-negotiable and selecting the right co-contractor is no longer a matter of choice, the adoption of modern tools like CRA is essential. This innovative approach not only ensures ethical collaborations but also empowers businesses to navigate a complex and ever-evolving risk landscape with confidence. By embracing the digital revolution, companies can enhance their operational efficiency, strengthen their ethical standing, and chart a course towards sustainable success in the modern world.
Sources:
https://www.coupa.com/products/supplier-management/third-party-risk
