Kroll, the global leader in risk identification and mitigation, today announced the release of the Kroll Compliance Portal, specially designed to enable compliance and legal...
Kroll, the global leader in risk identification and mitigation, today announced the release of the Kroll Compliance Portal, specially designed to enable compliance and legal professionals to manage the regulatory and compliance challenges associated with third party relationships, automate compliance activities and seamlessly gain access to Kroll’s time-tested and globally recognized expertise.
“With the launch of the Kroll Compliance Portal, we are giving companies an extremely flexible and efficient way to manage the risks associated with their third parties,” said Lee Kirschbaum, President of Kroll’s Compliance business. “By combining a technology solution with access to experienced due diligence analysts and investigators, we enable organizations to prioritize their resources and focus on their highest-risk third parties and general U.S. FCPA, U.K. Bribery Act and other anti-bribery and corruption compliance obligations,” Kirschbaum said.
Businesses in virtually every industry are challenged today by the need to manage a burgeoning number of third parties, especially in an environment of intense regulatory scrutiny. The risk is too large to ignore — in its most recent Foreign Bribery Report, the OECD reported that third parties were involved in 75 percent of enforcement actions.
The Kroll Compliance Portal offers a holistic approach to the compliance process, bringing together the four major components needed to help companies comply with the FCPA, UKBA and other global anti-corruption laws — advice, technology, data and due diligence.
Acting as an extension of compliance organizations, the Kroll Compliance Portal provides users with access to modules designed to bring efficiency and consistency to third party compliance programs, including:
Questionnaire: Using the questionnaire module, compliance professionals can send, track and score customized questionnaires to internal stakeholders and external third parties, as well as automatically generate a risk score based on customized and client-defined risk parameters.
First View Screening: First View, a real-time screening solution, enables fast and effective screening of third parties against millions of risk profiles, all from a user’s desktop. A related service, First View Resolution, allows compliance professionals to entrust Kroll’s in-house research team with the review of suspected false-positive hits. First View can be used for stand-alone screening or as part of your compliance workflow within the Kroll Compliance Portal.
Due Diligence Report: Kroll Compliance Portal users will have seamless access to Kroll’s suite of due diligence reports as well as to our experienced research analysts and investigators.
Workflow: Automated, pre-set workflows facilitate consistent and effective vetting and onboarding by linking together the First View Screening, Questionnaire, Due Diligence and Approve/Reject modules.
“At the end of the day, companies need to be able to defend their due diligence approach to regulators and prosecutors, and in many cases, the court of public opinion. As the DOJ stresses, performing the same level of due diligence on all third party agents, irrespective of risk factors, often diverts attention from the highest-risk third parties,” said Joe Spinelli, senior managing director with Kroll’s Investigations and Disputes practice. “Kroll’s Compliance Portal provides organizations with a technology solution for assessing the risk of third party intermediaries and conducting the appropriate levels of due diligence based on this risk, enabling global organizations to comply with mandated regulations and demonstrate they have taken thoughtful, proactive steps to abide by the letter and spirit of anti-bribery and corruption laws,” Spinelli said.
For more information on Kroll Compliance Portal and Kroll’s comprehensive compliance solutions and offerings, visit www.kroll.com/compliance.
Kroll is the leading global provider of risk solutions. For more than 40 years, Kroll has helped clients make confident risk management decisions about people, assets, operations and security through a wide range of investigations, cyber security, due diligence and compliance, physical and operational security and data and information management services. Headquartered in New York with more than 50 offices across nearly 30 countries, Kroll has a multidisciplinary team of over 2,000 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies and individuals. For more information visit www.kroll.com.
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