Increase your efficiency and minimize time managing vendor due diligence and risk
For vendors and third parties, and the organizations who work with them, meeting compliance and tax requirements can be costly, time consuming and inefficient.
IHS Markit is changing the way you manage your operations and incoming due diligence requests with centralized solutions that securely streamline your vendor due diligence process for providing information. Whether you are working to meet the due diligence requirements of your financial institution clients, looking to conduct due diligence on your own suppliers or managing requests from accounts payable departments, IHS Markit removes manual, time-consuming and repetitive processes. Our web-based portals provide you with the tools you need to quickly complete standardized questionnaires.
With IHS Markit, you can efficiently exchange information in a secure environment. Our vendor management due diligence solutions provide you with a connected network where you can engage with the organizations you work with more quickly and efficiently.
We can enable you to reduce costs, reuse information by using streamlined due diligence processes and improved technologies. Contact us today to learn more about vendor risk and due diligence services.
Recent regulatory changes require firms to proactively manage third- and fourth-party suppliers, leading to an increase in due diligence questionnaires. This creates an increased burden on you and your firm to share information on a timely basis. Moreover, current vendor third-party risk processes are highly duplicative and costly. Responding to requests to complete multiple questionnaires from different customers is arduous and inefficient. The lack of standardization around collecting and distributing due diligence data can lead to duplicated efforts, costly errors or delayed responses to information requests.
The increased IRS audit focus on payments made to US and foreign vendors, along with significant recent uplifts in information reporting penalties, have made it more critical than ever for companies to have effective compliance procedures in place.