Automated solutions for business partners check: today and tomorrow

Continuously changing market conditions, high decision-making speed, multitasking and the need to reduce risks require modern approaches to business partners check. Currently, the transfer of routine operations to the digital ones affects almost all business processes in companies, as a result of which labor productivity increases and the number of errors decreases.

Today, most companies firstly focus on the automation of operations that directly affect profits and revenues: finance and accounting, document management, production, inventory control. The Russian enterprises are at the very beginning of supporting processes automation, such as economic security and risk management. This means that time-consuming manual checks and screenings of business partners are still the reason for slowing down other corporate processes.

The growing complexity of customers and suppliers check makes launching the automated solution a difficult but necessary measure. There are five main trends:

1. Every year the number of reasons to check your counterparty increases: credit risks, KYC, anti-corruption compliance, the anti-money laundering Russian Federal Law 115-FL, sanctions risks, and all these are against the backdrop of the economic shocks of 2020-2022.


2. Open Government in Russia stimulates the growth of available sources with different information on companies. Today it is necessary to collect, process and analyze more data and it requires much more time.



Globas uses over 300 sources to help you to evaluate business activities of companies. Globas analyzes and compares all available data, selects the key information and provides the result of the check in a convenient format.



3. In addition to external sources, each company stores a pool of accumulated corporate data required for check and screening: lists of employees, "black" and "white" lists of customers and suppliers, payment history. Such data also need to be analyzed and compared with external sources of information.


4. The structure of companies is becoming more complex, and corporate standards do not always keep pace with these changes. The lack of unified corporate regulations leads to the fact that the check of the same business partner by different departments gives conflicting results.


5. Human factor. The overall result is always influenced by the qualification and motivation of the employee involved in business partners check. Therefore, the introduction of general regulations and the formation of a unified information environment is becoming the main way to improve the quality of checks.

Information agency Credinform helps to minimize business risks by introducing a single standard of checks and speeding up regulatory processes. To this end, Credinform can offer two options for the automated check of customers and suppliers.

Option 1.

Instant data exchange using Globas.API allows you to integrate data from Globas into your corporate system. It may include accounting or management programs 1C, Bitrix, CRM, SAP, as well as self-developed software.

You can automate the search and assessment of new customers and suppliers, adding up-to-date company’s details to your own database, receive reports and official papers on current clients in a few seconds, and also learn about important changes in time.

We recommend integration with Globas if you have:

1. Significant number of business partners
   Automation of verification processes will help reduce risks, standardize check procedures and help avoid entering into a contract with an unreliable entity.


2. Large number of procurement and tenders
   Automated check of bidders will speed up the decision-making process and reduce the checking costs by delegating this procedure to the procurement department.


3. Many representative offices, branches
   In the case of a geographically distributed network of branches, you can ensure checks in the Far East of Russia in accordance with a single standard, while the head office in the European part of Russia is still close.

Integration with Globas.API can significantly improve the quality of management, ensure the consistency of personnel actions, reduce the number of errors, ensure the parallel execution of several tasks and quick decision-making in ordinary routine cases. However, development and integration may take several months.

Option 2.

Reports built-in Globas allow you to automate the processes of checking business partners under your corporate regulations. Reports have 350 criteria for automated check, as well as the ability to add your own parameters for manual verification.

After completing the settings, the check will be performed automatically under your parameters when you open the company profile. To complete the report, you will need to fill the appropriate self-verification fields in, and attach documents. Documents can be stored both in Globas and on your desktop. Check results can be sent as a file to employees of other departments. Also you can share your report settings to unify the checking procedures.

Globas contains five types of pre-configured Reports to assist in building a reliable risk management system and reducing the likelihood of claims from regulators. All checking criteria comply with the requirements of the Federal Tax Service, AML / CFT legislation (Combating money laundering and financing of terrorism) under the Federal Law 115-FL, letters from the Central Bank and Rosfinmonitoring, as well as the sanctions legislation of Russia and other countries.

Reports in Globas is a reliable tool for starting the process of automated check and forming clear regulations when analyzing business partners. However, Reports should be considered as an interim phase to full API integration. Customized Reports are easier to implement, and the transition to routine checks takes less time. However, keep in mind that typical software may not fully fit the individual requirements of the company. Only an individually developed product, for example, integrated with Globas.API, can satisfy all requirements of your company.

Information agency Credinform has rich experience in supporting the integration for companies, both in the real and financial sectors of the economy. If you are thinking about automating your business risks activities, please, request a trial access to Globas. Our experts will advise on possible ways of integration and select the best solution.