SAMPLE PROCESS
Third Party Due Diligence
Easily initiate and conduct assessment of third parties on Extended ECM.
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Key Challenges
Third-party due diligence is the process of appraising a third party before engaging in a business relationship with them, in order to ensure that they are compliant with laws, regulations, and the ethical standards of the engaging organization.
To build such a solution on Extended ECM, some key elements should be considered:
- Efficiently managing tasks and roles between internal and external Extended ECM users
- According to the type of data collected, automatically generating a task list with the activities to be performed
- Effectively interact and collaborate with external users to collect data, exchange documents, share comments etc.
![](https://showcase.answermodules.com/wp-content/uploads/2023/06/Graphic.webp)
Process Walkthrough
1/22
Functional dashboard
The main dashboard shows an overview of the results. A smart Data Grid widget allows you to handle data pagination, sort and filter results, as well as simply combine data and sort multiple columns simultaneously for a more comprehensive view. The results can be easily downloaded in Excel format.
3/22
Key milestones and dynamic task lists
Upon submission, a new Business Workspace is generated automatically. This will include team members, specific documents, and 3rd party details. The process is segmented by key milestones and their related subtasks. A key milestone is automatically ‘unlocked’ once all the activities of the previous milestone have been completed, so that the business user can view and work only with the tasks still to be performed.
4/22
Preliminary screening
The user starts with the first task: a preliminary screening to verify the status of the organization. The screening implies cross-referencing the organization against external lists and sources of suspected breachers of laws or regulations. If the company is not included in a ‘black list’, the process continues.
14/22
Requesting documents to the 3rd party
This is when the mandatory Due Diligence documents are requested to the 3rd party. The required documents are already selected according to to the purpose for which Due Diligence process is being conducted. The user may even request additional documents by simply flagging them, or by manually requesting them – if not present in the checkbox list.
21/22
Evaluating Risks
The last task regards risk analysis. The user answers a set of questions that are then used to assess and calculate the organization’s risk level. According to the outcome of the analysis, the company may decide to either accept the risk level and establish a new relationship…
Process Walkthrough
1/22
Functional dashboard
The main dashboard shows an overview of the results. A smart Data Grid widget allows you to handle data pagination, sort and filter results, as well as simply combine data and sort multiple columns simultaneously for a more comprehensive view. The results can be easily downloaded in Excel format.
3/22
Key milestones and dynamic task lists
Upon submission, a new Business Workspace is generated automatically. This will include team members, specific documents, and 3rd party details. The process is segmented by key milestones and their related subtasks. A key milestone is automatically ‘unlocked’ once all the activities of the previous milestone have been completed, so that the business user can view and work only with the tasks still to be performed.
4/22
Preliminary screening
The user starts with the first task: a preliminary screening to verify the status of the organization. The screening implies cross-referencing the organization against external lists and sources of suspected breachers of laws or regulations. If the company is not included in a ‘black list’, the process continues.
14/22
Requesting documents to the 3rd party
This is when the mandatory Due Diligence documents are requested to the 3rd party. The required documents are already selected according to to the purpose for which Due Diligence process is being conducted. The user may even request additional documents by simply flagging them, or by manually requesting them – if not present in the checkbox list.
21/22
Evaluating Risks
The last task regards risk analysis. The user answers a set of questions that are then used to assess and calculate the organization’s risk level. According to the outcome of the analysis, the company may decide to either accept the risk level and establish a new relationship…
Key Features
- Tasks automatically change their status as they progress. Key milestones are automatically ‘unlocked’ once all the activities of the previous milestone have been completed
- Company information is automatically injected into the document to replace the related placeholders
- Check boxes for Mandatory documents are automatically flagged and selected based on the type of Due Diligence process to be performed
- Easily connect to external systems to perform a preliminary screening and verify 3° party status.
- Integrate Extended ECM with the preferred e-signature tool exposing SOAP Web Services or REST APIs
- Seamlessly share files and documents with the external legal office through Core Share
- Smart Data Grid widgets to effortlessly handle data pagination, sort and filter results, as well as simply combine data and sort multiple columns simultaneously for a more comprehensive view.
Script Console is one of the core components of Module Suite that allows to expose forms – designed and implemented within Extended ECM – to external users with no access to the platform. In this way, external users are able to share & upload documentation, edit data and make comments that will be synchronized back on Extended ECM.
As described in the graphic above, form data submitted by external users (form data packages) are synchronized back to OT Extended ECM using direct service calls.