Partnership Helps Customers Mitigate Risk of Fraud, Financial Crime and Money Laundering via Know Your Customer (KYC) Compliance Solution
BELLEVUE, Wash., Nov. 17, 2016 — Icertis, the leading provider of enterprise contract lifecycle management in the cloud, today announced a partnership with Thomson Reuters, one of the world’s most innovative providers of intelligent information and solutions for businesses and professionals. Enterprises using the Icertis Contract Management platform (ICM) will now have access to data from the Thomson Reuters World-Check risk intelligence screening solution, from within ICM, enabling a seamless due diligence screening process. Icertis is the only contract lifecycle management provider helping enterprises proactively uncover counterparty risk during the contracting process, with the added ability to auto-monitor agreements throughout their lifecycles.
With this partnership, ICM customers can further improve contract compliance and reduce contractual risk across their global contract portfolio. With Thomson Reuters World-Check’s extensive network of hundreds of thousands of reputable sources, the joint solution allows enterprises to seamlessly incorporate counterparty screening into the contract management workflow. The new capabilities in the ICM platform will help companies mitigate the risk of doing business with partners, suppliers or customers, by checking if they’ve appeared on watch lists, have unwitting association with illicit entities, or represent any risk associated with trafficking, fraud, bribery, corruption and organized crime. The ICM system will also raise internal alerts and initiate workflows to draw attention to the risk associated with the company before any business agreement is reached.
“Contracts are the foundation for every material commercial relationship in any enterprise, and Icertis’ partnership with Thomson Reuters will help our customers better manage their contractual risk, as well as ensure regulatory compliance,” said Nagi Prabhu, Chief Product Officer of Icertis. “Icertis is on a mission to be the contract management platform of choice for every enterprise, in every geography, and in every industry. We will achieve this mission by building a great platform and strengthening it through partnering with industry-leading companies, like Thomson Reuters, in complementary categories.”
“Large domestic and global businesses need every advantage they can get when it comes to complying with fast-changing regulations and legislation,” said Marika Vilen, Global Head of Alliances at Thomson Reuters. “We are happy to expand our extensive network of partners and welcome the integration of World-Check risk intelligence data within Icertis’ contract management platform. ICM customers will benefit from our customer and third-party risk management solutions, helping to create robust safeguards that companies need to keep pace with today’s rapidly changing legal and regulatory climate.”
Know Your Customer (KYC) controls and client onboarding measures are intended to combat money laundering, threat financing, and fraud. In the past decade, KYC regulation and policy adherence has become a global standard, spurring the development of global databases or registries that streamline customer due diligence (CDD), screening and monitoring. However, despite the benefit of providing greater granularity and monitoring, compliance staffs lack the resources to keep up with the volume and pace of regulatory change, according to a pair of 2016 Thomson Reuters KYC surveys, which canvassed 822 respondents at corporations and 772 professionals at financial institutions. Significantly more budget, staff and senior management time is being dedicated to KYC compliance. Onboarding costs are expected to rise by 16 percent over the next 12 months and 64 percent of respondents identified reputational risk as likely to influence changes in their KYC processes. Through their partnership, Icertis and Thomson Reuters help organizations address the complexity and productivity challenges of managing counterparty relationships, while ensuring the highest regulatory compliance.
About Thomson Reuters:
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com
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