FixNix Blog

EY FIDS launches new technology tool to enhance third-party risk management

Nov 19, 2014 11:29:47 PM / by Shanmugavel Sankaran posted in FIDS, fixnix, FixNix Whistle blower, Governance, Risk Management, asset management, audit management, Blog, compliance, Ernst & Young, EY, EY Fraud Investigation, risk


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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.

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