Know Your Business Partner
July 12, 2021
Your effective Business Partner Management
The Know Your Business Partner (KYBP) Platform supports organizations of all sizes and industries to manage their business partner relationships and associated risks effectively and cost-efficiently – while ensuring quality, transparency, as well as compliance and integrity along the value chain.
Business partner management in combination with an established third party risk assessment is becoming increasingly important for companies and their employees. The main reasons for this are globalization and digitalization, which are causing a rapid increase of the number of interactions with business partners,often resulting in an intransparent network. At the same time, changing legal framework conditions (e.g. Foreign Corrupt Practices Act (FCPA) or German Law on Due Diligence in the Supply Chain) also demand a high degree of flexibility from companies.
Growing societal demands for transparency and integrity require careful selection of business partners, because incorrect behavior by third parties or even violations of applicable laws may lead to significant financial and reputational damage.
“In view of national and global developments, effective business partner management is indispensable in order to be protected against breaches of rules and laws by business partners with the resulting financial damage and loss of reputation.”
45 %
of external fraud is committed by customers and vendors/ suppliers.
~50 %
of organizations are dedicating resources to third party risk assessment, governance, and management.
~50 %
of organizations lack a mature third party risk management.
21 %
of organizations have no third party due diligence or monitoring program at all.
Source: PwC „Global Economic Crime and Fraud Survey (2020)”
Your request
Successfully managing business partner relationships presents companies with various challenges:
- A growing number of business partner relationships along the entire value chain makes it difficult to maintain transparency
- Complex legal and regulatory frameworks require flexibility and continuous adaptability
- Lack of integration into the existing IT landscape and a low level of automation result in rising administrative costs
- Breaches of regulations by business partners result in financial damage and loss of reputation
To meet these challenges together with our clients, PwC offers a fully integrated and automated business partner compliance management system - the Know Your Business Partner (KYBP) Platform.
Our service
Manage your business relationships in a process-oriented and risk-adequate way
The system enables organizations to significantly reduce their administrative overhead while ensuring quality, transparency, as well as compliance and integrity of their business partners and suppliers. The technical development by our specialists at our PwC Nearshore Shared Service Center guarantees that we can offer our clients a fully comprehensive service from a single source.
The Know Your Business Partner Platform guides you through the entire process of third party risk management – from the creation of master data, risk assessment including automated allocation of mitigation measures, and contract conclusion to internal documentation and monitoring over the entire course of the business relationship. The content of the application is completely flexible and covers individually expandable risk areas, such as (Anti) Bribery & Corruption (ABAC), Human Rights, Financial Stability, Product Compliance, Cyber Security or Data Privacy. Due to the modular approach, the content can be tailored exactly to the needs and requirements of your company.
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Get to know the KYBP Platform better
- Landing Page
- Third Party Onboarding
- Risk Assessment
- Management Plan
- Transparent Reports
- Configuration
Landing Page
- User-friendly design and ease of use
- Structured and personalized overview of all tasks and ongoing assessments (incl. processing status, control module, analysis KPIs)
Third Party Onboarding
- Business users can delegate the creation of master data to their business partners (multi-source data service)
- Front-end server for business partners with performance reporting specifically tailored to the compliance process
- Significantly reduced administrative effort for the business user
Risk Assessment
- Based on an intelligent and multi-level filter logic, the relevance of the corresponding risk area can be determined
- The prior classification of business partners and service types as well as the application of established standard processes allow for a highly efficient risk assessment process
Management Plan
- Systematic and clearly structured management plan with clear instructions for action to reduce any risks
- Time-saving instructions (the business user as well as the business partner know what to do at all times)
- Clear instructions and tasks for the responsible user
- Auditable documentation
Transparent Reports
- Overview of relevant key figures and histories
- Simple and effective management of risk assessments in the team
Configuration
- Flexible design (e.g. of risk areas or measures) taking into account customer-specific requirements
- Configuration of individual adjustments without specific IT knowledge
“Thanks to individually expandable risk areas and the possible integration into the existing IT landscape, the Know Your Business Partner Platform generates maximum flexibility. Thus, it can be optimally tailored to the specific needs of our customers.”
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