The system scans news about counterparties in all available sources or on selected sites, for example, only on the websites of courts and government agencies. You can also set up monitoring by risk factors, negative messages and individual topics.
List of topics for monitoring counterparties in SCAN-Interfax
Risk management when working with counterparties
To reduce potential risks, it is worth implementing a systematic approach to their management. It is enough to include three steps.
1. Risk identification
The criteria for assessing the reliability of counterparties depend on the size of the company, the type of transaction, and other factors. A large organization with hundreds of contractors has a higher chance of suffering from unscrupulous partners than a startup with several contractors.
2. Development of risk management strategies
Businesses should have an action plan to reduce the honduras mobile database likelihood of a negative scenario and to respond to various types of crises. For example, implementing regulations for assessing the reliability of counterparties and coordinating contracts will reduce tax risks, and competent anti-crisis PR will help to mitigate reputational losses if a counterparty gets into a public scandal.
3. Risk insurance
One of the main methods of risk management is the transfer of responsibility for negative consequences. For example, when concluding contracts, companies can insure themselves against unscrupulous partners:
Certification of circumstances . The counterparty is responsible to the company for the accuracy of information that is significant for concluding the contract.
Reimbursement of losses . A condition that allows a company to claim compensation for losses if it has suffered financial losses due to a violation of tax laws by a counterparty.
Practical recommendations for choosing a reliable counterparty
Let's look at the main steps that should be taken when assessing the reliability of counterparties.
Checklist for assessing counterparties
Implement counterparty reliability criteria and standards for conducting analysis. For example, a checklist with risk factors. The director of the law firm MAPLEX suggests this option .
Counterparty verification checklist, blog “Due diligence: what is it and how to verify a counterparty”, website “Business Secrets”
Counterparty verification checklist, blog “Due diligence: what is it and how to verify a counterparty”, website “Business Secrets”
Maintaining a database of counterparties
After checking the potential counterparty, enter the information into the company database. Even if the contract with the organization being checked is not concluded, information about the partner's reliability will remain for the future. It is worth recording data on cooperation in the database: protocols of negotiations, signed contracts, commercial proposals and regular reputation reports.