5 reasons to automate counterparties check
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In today's business world, where the scale of operations is growing and competition is becoming increasingly fierce, the choice of reliable partners is of the utmost importance. That is why automatization of counterparties check is a tool ensuring greater efficiency, reliability and security in business partnership.
Decades ago, the process of checking counterparties was limited to manual analysis of a small volume of information. However, with the rapid development of technology and the growing amount of data that businesses deal with today, this approach has become not only less effective, but also risky.
How to avoid cooperation with companies that have financial and legal problems? How to ensure compliance with legislation and standards when there are many parameters to consider? How to minimize the error rate, human factor and potential losses? Automatization is the answer.
Automated counterparties check has many advantages that contribute to a more efficient and secure business. Instead of the traditional, error- and cost-prone, manual analysis process, today's businesses are turning to intelligent systems and programs that can process large amounts of data, identify trends, recognize patterns, and provide relevant, accurate, and up-to-date information about potential partners.
Globas uses over 300 sources of information to access counterparties activity, analyzes and checks all the data, selects the main and provides the result of the check in a convenient format.

Instant data exchange using Globas.API allows to integrate data from Globas into your corporate system. For example accounting or management programs 1C, Bitrix, CRM, SAP, as well as own developments.
Here are Top 5 main reasons for automating partner verification:
  1. Efficiency and speed. Automation allows to check partners much faster. This is especially important with a significant number of counterparties. Integration with Globas.API helps to analyze large bulk of data and get results in the shortest possible time.
  2. Minimization of errors. The human factor can lead to errors during manual check. Globas.API based automated systems allow to eliminate errors caused by the lack of focus or fatigue.
  3. Risks reduction. Automated companies check allows to identify suspicious or unreliable counterparties having problems with law, financial problems or negative reputation. This reduces the likelihood of partnerships with unfair companies.
  4. Regulatory compliance. Depending on the industry, there are different legal requirements for counterparties check. Automation makes it easier to comply with these regulations and to provide documentation of the checking process. The Reports integrated into Globas allow to automate the processes of checking counterparties in a short time in accordance with your corporate regulations.
  5. Saving time and resources. Manual check requires significant resources, i.e. time, staff and funds. Automation reduces the cost of this process, freeing up resources for other business tasks.
Continuously changing market conditions, high speed in decision making, multitasking and the need to reduce risks require modern approaches to the checking procedures.
Globas. API

Globas. API

Up-to-date information of counterparties in your corporate system

Information Agency Credinform has extensive experience in supporting the automation of enterprise checking procedures, both in the real and financial sectors of the economy. If you are thinking about automating your economic security activities, please, apply for trial access to Globas. Our experts will advise on possible ways of integration and will help to select the best solution.

Compliance risks management using Globas: AML/CFT, anti-corruption
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Compliance means complying with the laws, regulations and rules of the country in which the company carries out its business.
Compliance procedures are one of the most important conditions for successful business.
Non-compliance could lead not only to certain risks, but also to fines and criminal liability.
Let us examine those risks that entail the most serious consequences in the Russian Federation, namely: corruption and the promotion of laundering of proceeds from crime.
For participation in fraudulent schemes for money laundering and bribery, large fines or restriction of freedom for a period of 2 to 8 years are provided.
In order not to become a defendant in criminal cases, a participant in arbitration processes and to avoid various reputational losses, it is necessary to check counterparties for compliance risks.

Main difficulties

The main difficulties that one can face when identifying compliance risks are:
  • lack of a single data source;
  • lack of automatization;
  • lack of data in the open sources.
For example, while assessing corruption risks when interacting with a company, it is necessary to identify publicly exposed persons in its structure. Such persons may take advantage of their position and ability to commit acts aimed at money laundering. Many high-profile cases related to corruption show that public officials (including former ones), endowed with administrative and managerial functions, own assets that are not comparable to their official or legal income. There is no register of publicly exposed persons in the open sources, which complicates the search for information and its verification.
One of the stages of identifying risks associated with money laundering is risk assessment by type of activity of the counterparty. However, there are no lists of activities subject to additional control. To obtain information on the degree of risk, it is necessary to study the decisions of the Central Bank, determine the appropriate OKVED code for the risky type of activity, and only than one can carry out an assessment.

Globas possibilites

Information and Analytical system Globas will assist in finding solutions to mentioned problems. The functionality of Globas allows for an in-depth check of the counterparty for compliance risks, and additional tools provide broad analytics for the organizations under research.
The Reports section allows to customize unlimited number of the user's verification scripts to further automate the process. You set the verification criteria and measures, and Globas automatically checks the presence of risks in the company, each time the report is opened!
Compliance check is available for every Globas user in the form of a formalized report. With its help, publicly exposed persons, high-risk activities according to the Central Bank of the Russian Federation, being under sanctions are identified, and automated verification of related persons for compliance risks is carried out.
Your risks are under control with Globas!