Using Status to manage the details around your third parties.
Add a new third party
- First select “Add a new third party”.
Then select “Company” or “Individual”. The requested information fields will update automatically. - Fill out the information.
Most fields are optional but the more information provided, the better Status will be able to assess your third party. Upon request, we can add custom fields for additional information. - Press submit to add the third party.
You can now find the third party on the My Third Parties page.
You can select (or deselect) ‘Matchable’ to allow third parties to be matched as the same entity as other industry members’ third parties.
When you click Submit to add a new third party, STATUS will search the third parties of other industry members to see if the third party you are trying to add is the same entity as another third party.
You will be asked to review any possible or exact matches between the third party you are trying to add and another member’s third party. If you match the two third parties and indicate they are the same entity, you will be able to access the third party’s shared questionnaires and completed due diligence.
Confirm whether the third party listed is the same as yours.
If you confirm they are the same, the bookmark icon will appear next to the third party on the My Third Parties page.
By marking a third party as a Main Third Party, you specify which entities you are dealing with directly, allowing you to sort your third party universe for ordering reports.
You may mark certain corporations as Main Third Parties because you hold contracts with them and will therefore order due diligence for them. By contrast, you may add key shareholders or directors without marking them as Main Third Parties if you do not deal with them directly and do not order reports for them.