A broker-dealer headquartered in New York has selected the MyComplianceOffice (MCO) platform to manage its third party relationships. This new client has long been a trailblazer among investment management firms; it was the first in the United States to offer its clients the opportunity to diversify their investments globally. The financial firm is a first-time client of MyComplianceOffice but has a tradition of insight and acumen; its selection of MyComplianceOffice as a vendor for third party due diligence management is no different.
Recent high profile cases in the news have highlighted the need for firms to use automation such as the MyComplianceOffice Know Your Third Party (KYTP) product in order to comply with new Anti-Corruption and Anti-Bribery legislation as well as increased scrutiny and enforcement activity by regulators.
With the Know Your Third Party operating in its organization the investment firm will have taken steps towards lowering its cybersecurity risk and expand oversight of its ongoing due diligence activities as part of a comprehensive supplier oversight compliance program.