Risk management advisory firm Kroll has launched a new tool that helps cost-effectively assess the risks of bribery and corruption that a client company faces in its business relationships. Called the 3rd Party Risk Assessor, the tool incorporates data on up to 10 attributes of a third-party organization and its interactions with the Kroll client:
- country of operation,
- country of payment,
- length of the relationship,
- nature of the relationship,
- criticality of the relationship,
- government involvement,
- level of oversight that the client has over the third party,
- industry of the third party,
- length of time it’s been in business, and
- annual revenue.
For some of these attributes, Kroll gathers information from its client; for others, it uses information collected in a proprietary database. The tool combines data from both sources, then calculates the third party’s risk of bribery and corruption.