Icertis, a provider of enterprise contract lifecycle management in the cloud, announced a partnership with Thomson Reuters, a provider 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 counter-party risk during the contracting process, with the added ability to auto-monitor agreements throughout their life-cycles.
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 counter-party 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.
Know-Your-Customer (KYC) controls and client on-boarding 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. Through their partnership, Icertis and Thomson Reuters help organizations address the complexity and productivity challenges of managing counter-party relationships, while ensuring the highest regulatory compliance.