How Creditsafe & QCsolver Reduces Supplier Risks & Improves Compliance

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What is 'compliance risk'?

Compliance risk is an organization’s potential exposure to penalties, financial
and material loss, resulting from failure to comply with laws and regulations,
internal policies or prescribed best practices.

  1. Financial Crimes

    Bribery, fraud, money laundering, theft

  2. Process Risks

    Human error, lack of data, inadequate tools

  3. Trade Violations

    Outside of terms, sanctioned countries/entities

  4. Workplace Risk

    Bill S-211, unethical suppliers

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Reasons why supplier due diligence falls short:

  • Not running compliance checks on suppliers before signing contracts
  • Assuming a large supplier inherently has strong finances and poses a low risk
  • Relying on manual checks increases likelihood of undetected risks
  • Not understanding the domino effect of compliance violations (i.e. government fines, reputational damage, negative publicity)
  • Not having access to the right technology solutions to run compliance checks effectively and reliably

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How can Creditsafe help?

  1. KYC/ID Verification

    Securely carry out identity verification checks in a PIPEDA compliant platform

  2. Compliance Search

    Check companies and officers across mutliple global database to flag against sanction violations, PEPs, adverse media, criminal prosecutions, bankruptcies and more

  3. Compliance Monitoring

    Monitor in real-time your entire customer and supplier portfolio, and be alerted to any concerns before they damage your reputation or bad debt

  4. Protect

    With access to over 9,000 data sources, including the Lexis Nexis World Compliance database, creditsafe enables you to check against over 4.8million profiles and more than 50 different risk categories

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