Before initiating new business relationships, companies must carefully and systematically identify, evaluate and document the compliance risks associated with this business partner. Many national and international guidelines require that ongoing business relationships must also be regularly reviewed.
Control and compliance for suppliers
An essential component of 3rd-party compliance is to ensure that suppliers comply with the principles that are important to you by means of appropriate compliance regulations in the contracts, and to ensure that these principles are adhered to and enforced.
Risk-based processes and due diligence audits
The risks of the business relationship result from factors such as the nature of the business, the registered office, the industry, and other aspects. Further background and integrity checks, e.g. on the financial conduct of the business partner or the handling of sanctions or embargo regulations, are also carried out. There are also provisions of the Money Laundering Act.