An essential aspect of many modern businesses is the global supply chain. But when you strike up a relationship with a supplier, you expose yourself to financial risk. The same is true of other third party relationships, whether that is with a business partner, an agent acting on your behalf, or a potential joint venture. Financial risk is multi-dimensional. A third party might be financially unstable. It might be non-compliant with the latest financial crime regulations. The company or its leadership might have a reputation for unethical conduct. Any of these scenarios can increase financial, regulatory, reputational, or strategic costs to your business. How can you improve visibility into the financial risks posed by third parties? By capturing relevant data on each dimension of risk, and using the right technology to derive insights effectively and efficiently. Nexis® Solutions can help.
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