NEW YORK, Nov. 19, 2014 /PRNewswire/ -- The cost of engaging corrupt third parties has never been higher for multinational companies. Without exception, the top 10 FCPA enforcement cases in history, totaling fines and penalties of more than $3.6 billion since 2008, all centered on the use of external parties to facilitate bribery schemes. To help companies better manage the complex fraud and corruption risk of engaging third parties, EY Fraud Investigation and Dispute Services (FIDS) has launched EY_ID, a secure, end-to-end technology solution to connect companies, third parties, and service providers seamlessly on a single web-based platform. EY_ID acts as an automated focal point to collect, review, assess, and archive the information required for a robust Know Your Third Party program. The result is a centrally managed and globally accessible platform designed to improve standardization, transparency, and accountability throughout the third-party life cycle.
In most cases, companies are contending with widely varying information availability and fragmentation of their own internal systems. The question becomes: how do you create one consistent, practical diligence process for third parties in New York, Ningbo, Niihama, and Nairobi?
EY_ID answers that question. Its highly customizable, tailored workflow, as well as its risk scoring and data forms, stands apart from other "off-the-shelf" tools in the market. It also offers advanced dashboards with visual data analytics and search functionality.
Key features include:
- An automated risk scoring engine driven by key third-party diligence results
- Single-entry and bulk upload screening of third-party data
- Customized third-party questionnaires and certifications
- Auditable repository third-party records, diligence reports and approval
Brian Loughman, EY Americas leader of FIDS, commented, "EY_ID will be a key component of our broader anti-fraud, anti-bribery capabilities. We recognize that our clients' compliance landscape is growing more complex and global in nature by the day, especially in the area of third-party risk, and as such, new and more robust technology solutions are required."
John Auerbach, the Integrity Diligence leader for Ernst & Young LLP, said, "EY_ID will enable unprecedented collaboration within our clients' worldwide operations, as well as between clients and EY. It will be a cornerstone of our existing global diligence and monitoring capabilities. With the introduction of EY_ID, where you sit within an organization should no longer decide the role you play in third-party compliance."
For more information on EY Integrity Diligence, please visit www.ey.com/EYID.
About EY's Fraud Investigation & Dispute Services practice
Dealing with complex issues of fraud, regulatory compliance and business disputes can detract from efforts to succeed. Better management of fraud risk and compliance exposure is a critical business priority – no matter what the industry sector is.
Our more-than-3,000 fraud investigation and dispute professionals around the world bring the analytical and technical skills needed to quickly and effectively conduct financial and other investigations and gather and analyze electronic evidence. Working closely with you and your legal advisors, we assemble the right multidisciplinary and culturally aligned team, and bring an objective approach and fresh perspective to these challenging situations, wherever you are in the world.
And because we understand that you need a tailored service as much as consistent methodologies, we work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.