Due diligence can be slow and repetitive and, as a result, expensive and time-consuming. What we have been hearing from companies for several years is that they want to move to “next generation” due diligence. Companies and their third party business partners both want a robust service, available quickly at a reasonable price. TRACE has responded with two new products over the last year: TRAC is designed for baseline due diligence for lower risk third parties, like suppliers and intermediaries with low volume sales, or those selling into markets with low levels of bribery; TRACEcertification, which we’ll talk about next week, is designed for higher risk third parties.
TRAC solves seven different problems for most companies:
- TRAC collects information on ownership, including ownership by government officials.
- TRAC searches all names – the entity’s and all owners – against hundreds of international watchlists on a daily basis.
- The TRAC team resolves “false hits” on these watchlists, saving companies the time and manpower usually needed for this.
- TRAC stores PDF copies of business registrations for entities, but only after TRAC analysts with the requisite language skills have reviewed the registrations.
- TRAC goes beyond anti-bribery compliance and collects information related to trade controls, conflict minerals, human trafficking and other misconduct.
- TRAC organizes third parties into a single, searchable database and provides an auditable trail for companies.
- TRAC is entirely free for companies to use, which makes more resources available for due diligence on higher risk entities or those for which red flags are identified.
While TRAC relies heavily on state-of-the-art automation, review by multilingual TRACE analysts is the most valuable aspect of TRAC. Each TRAC application is reviewed by an analyst with the appropriate language skills and rigorous due diligence training under the management of an FCPA lawyer.
Join the growing community of companies across all industries using TRAC for baseline due diligence. Third party intermediaries pay just US$80 for a fully-vetted TRAC number and then make their profile available to companies for review.
To schedule a personal, web-based demo, please email us at email@example.com.