Risk Table
The different risk categories are a result of an algorithm that helps determine the risk level of the third party. The risk level is based on all the elements you see in the third-party risk table but can also be changed based on your own specific risk criteria.
By adding your own unique risk rating to the categories: ‘Nature of Business’, ‘Industry’ and ‘Company Type’ Status builds a Risk Score without Due Diligence.
The categories ‘Country of Operations’ and ‘Country of Services’ are linked to the Corruption Perceptions Index – so higher risk jurisdictions (e.g. Iran will have a higher risk score).
The Risk Score without Due Diligence can help with your initial assessment of the need for further Enhanced Due Diligence.
A overall Risk Score considers the following if provided:
- Any hits from a Quick Check or Enhanced Due Diligence report
- Flagged Questions from a Questionnaire
- Outstanding Issues in ‘Issue Tracker’
- Hits to be Actioned in Monitoring
- An outstanding Code of Conduct or other Corporation Documentation.
Non-free text fields from Third-Party Information, Additional Client Fields and Questions can now be added to the Risk Table . The weighting and mapping of the total risk % and risk level can be customized depending on your preference.
Please contact your Client Success Manager for more details.