Third-party risk profiles can change quickly in the cycles between risk-based due diligence updates. This clear need for current information on third parties led Astrus to develop market-leading monitoring products for businesses. The enhanced Astrus solution contains new data and analytics (D&A) capabilities that allow businesses to compile, assess and monitor third-party risk profiles based on the search and analysis of very large volumes of data.
Astrus Monitoring combines the power of cognitive search technology with proprietary KPMG research methodology to identify significant and potentially material adverse media or corporate information changes. Businesses can use Astrus Monitoring to augment regulatory "know your customer" compliance, to refresh third-party reference data and receive alerts to pending media issues, adverse events or reputational information.
Astrus also offers Enhanced Due Diligence reports that can fulfill information-gathering and due diligence requirements in response to regulatory measures. These include compliance with anti-bribery and corruption legislation, anti-money laundering, counter-terrorist financing and other regulations around the world. Astrus sources include premium content aggregators, traditional and social media, open sources and the deep web, drawing upon over 40,000 data sources that can index data in more than 88 languages and reach more than 200 countries.
Organizations can now enhance their due diligence compliance programs with Astrus Monitoring to receive alerts to changes in corporate background details, operating status and negative media sentiment – areas with the potential to affect business relationships. KPMG analysts review all alerts and report only material events.
Additional enhanced features include functionality that address companies' needs to perform risk assessments of various third parties relating to: global regulations, emerging market risk, global sanctions and political exposure and ethical business standards.
"If a business doesn't know their third-party partners, they can be at risk," said Laura Durkin, Managing Director and Global Head of Astrus Operations. "Third-party integrity risk management isn't going to go away; it's only going to get more complex with increasing regulatory compliance requirements, tougher legislation and international pressures."
"We saw the need and opportunity to inject Astrus with a sophisticated set of D&A capabilities to offer risk analysis and assessment that is flexible, comprehensive and more intelligent – a solution that can address a variety of risk levels," said Mark Toon, CEO of KPMG Capital.
"All it takes is one negligent supplier, an incident of executive impropriety or a reported case of bribery from a distant vendor to expose an organization to irreparable reputational damage," said Durkin. "Astrus Monitoring can provide early warning of impending risk."
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About KPMG International
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About KPMG Capital
KPMG Capital Limited and KPMG Capital Holding Limited comprise an investment fund for KPMG member firms. The investment fund is not open to third-party investment and will not, itself, provide professional services to clients. KPMG Capital Limited and KPMG Capital Holding Limited are legally distinct and separate from KPMG International Cooperative and each KPMG member firm.
Like every member firm in the KPMG global network, KPMG Capital Holding Limited and its subsidiary entities, and the entities they invest in are subject to the same rules and regulations promulgated by the regulatory bodies responsible for establishing standards for auditor Independence (for example, the US SEC, PCAOB, AICPA, IESBA and those established by the various countries in which the investments reside). These rules apply to member firms, the individuals at such member firms and the targets for potential joint venture alliance or acquisition related to the activities of KPMG Capital Holding Limited and its subsidiary entities. All existing Independence protocols apply to KPMG Capital Holding Limited and its subsidiary entities.
*For information about KPMG Capital's investment criteria, contact kpmgcapital@Kpmg.com.
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SOURCE KPMG Capital