Replace manual work and automate the approval of third parties with MCO Third Party Approval Module
The increased pressure from regulatory requirements has raised concerns on firms' ways to conduct their business, approve third parties and run conflict checks. Recently regulators worldwide have shown a heightened interest in firms’ risk management of third parties and expect more responsibility regarding subcontractors. Firms must mitigate these risks by approving third party activities in order to meet compliance legislation.
Globally third party risk management regulatory guidance is significant, and firms are expected to:
- Hold directors and senior managers accountable and responsible for managing third parties
- Assess the risk of all third parties and check for conflicts of interest
- Document the risk management processes and complete life cycle of the third-party relationship, including pre-contract assessment, execution, and post monitoring.
- Enhance due diligence and have a proactive risk management approach that includes approval, and ongoing monitoring
Firms are not allowed to outsource their regulatory obligations and should take reasonable care to supervise third parties. Third parties can introduce new risks to the firm, which is why a transparent process is critical for financial institutions. In most third party manual approval processes, essential tasks can be missed, giving poor visibility of the process resulting in stretched time frames and frustration.
If your current approval process, like in many other firms, is putting your company reputation at risk. You should be looking at a software that automates work involved in a third party's approval process using flexible, easy to use, highly configurable workflows. With MyComplianceOffice Third Party Approvals Compliance Management Software you can automatically approve, deny or escalate for review with one or more approvers across the enterprise and replace any manual work along the process such as emails, spreadsheets, and paperwork.
Key features of MCO's Third Party Approvals Compliance Management Software:
- Highly configurable questionnaire for due diligence
- Seamless integration with existing systems and third party data content providers
- Store all requests and results for a comprehensive document and audit of all activities