After experiencing a sharp increase in bank transfer fraud, more than ever optimising and increasing the reliability of supplier payment processes has become a key issue in protecting yourself from risk. These challenges are dependent on a perfectly mastered onboarding process by the teams in charge of supplier payments.
According to a PwC study “65% of Finance Departments are considering upgrading their information systems by optimising functional components. There is a direct link between fraud risk and a company’s exposure to cybersecurity risk” (link to study). In addition, procurement managers can identify ten everyday issues including:
This process should be clear, documented and fully integrated into your supplier management (SRM) and financial (ERP) solutions. Documentation and verification of bank details when creating your third party suppliers should obviously be integrated.
It is also important to properly verify changes in your third party bank details. Several data sources allow you to establish a confidence score on them and allow both your Purchasing and Finance teams to be alerted to a risk of bank transfer fraud.
This type of device can be shared with your investors and of course your suppliers, guaranteeing them that all means have been implemented to mitigate a possible wire transfer fraud.
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1. Collect supplier identification data
2. Check if the supplier is already registered
3. Deduplication and quality control of supplier data
4. Update and/or enrich supplier data
5. Check if the supplier’s KYS is up to date
6. Analyze the financial reliability of the supplier
7. Search for the Beneficial Owners
8. Screening Sanction & Embargo of the supplier and the PP associated with the supplier
9. Screening of PPs associated with the supplier (PPE/SPO)
10. Screening Neg News from the supplier and associated PP
11. Calculate the supplier’s risk score
12. Analyze and control the results (level 1)
13. Climbing to level 2
14. Receive Level 2 notification
15. Make the final decision
16. Drafting and negotiating the contract
17. Have the contract signed
18. Update contractual information
19. Keep the signed contract
Get in touch with one of our expert Purchasing advisors to jointly carry out the risk diagnosis on your supplier portfolio, and discover Altares’ responses to your Purchasing compliance issues.
Altares supports its customers in the analysis and segmentation of their supplier panel.
Altares supports its clients in the analysis and segmentation of the French market.
indueD facilitates your due diligence, for an optimised compliance of your business relations portfolio. Integrating the latest compliance regulations and thanks to dynamic data visualisation, indueD makes your compliance issues a reliable, simple and fast process. indueD is aimed at all sectors of activity exposed to compliance issues: banking & insurance, industry, distribution, etc., and more particularly at resource and purchasing departments.
Do you need quick access to official company documents ? You need to be sure of the origin of the document? It’s easy with inDoc!
Simply place your order, via the DUNS Number (or via a manual search) inDoc provides you with official company documents, by email, in less than 1 hour* in a large number of countries, facilitating your due diligence.
KYC, KYV, KYB, search for beneficial owners, screening of sanction lists: D&B Onboard helps you to cope with the increasing complexity of compliance obligations (including due diligence).
D&B Onboard simplifies your compliance procedures and saves you time on your audits in the face of changing regulations and obligations.
The DunTrade member-only payment behaviour analysis platform gives you an exclusive view of the Paydex, an index of your third party’s payment behaviour, allowing you to:
• Identify customers who pay you late, yet pay other vendors’ invoices on time.
• Also identify customers who pay all their suppliers late and who therefore seem to be in difficulty.
• To anticipate these risks well in advance of default, in order to support your customers in difficulty, while securing your outstandings.
Online platform dedicated to your business development in France
• Identify your prospects by crossing identity criteria, business indicators, web data, geolocation and your own data
• Search for a company and get a complete view (capital tree, decision-makers, financial data, etc.)
• Segment your targets
• Export the decision makers to carry out your marketing campaigns
D&B Direct+ allows you to integrate D&B data into your CRM, SRM or ERP. This data and its analyses are constantly updated, allowing you to :
• make your third-party data repository more reliable (customers, prospects, suppliers),
• have reliable and updated data with each change,
• save time by integrating your data into your applications,
• follow easily and in real time the evolutions of your third parties.
Integrate and optimise the management and reliability of your third parties in SAP® :
• control your data repository thanks to the most reliable and exhaustive data from the D&B database,
• get daily updated information,
• integrated directly into your business applications.