Satori Vendor Risk Management

Vendor Risk Management

Use a data-driven approach to understand your 3rd party risks by continuously monitoring them across multiple internal and external data sets.  

Satori Financial Crime Management

Do you really know who you are doing business with?

Conducting business in an increasingly uncertain world requires organisations to better understand their 3rd party relationships. Verifying your suppliers is a critical activity that needs to be done when onboarding them and on a continuous basis thereafter.

If undetected these emerging issues can cause severe reputational or financial risk to your organisation.

Satori Financial Crime Management

Total oversight of your vendors

Leverage a data-driven approach to managing your organisation’s 3rd party risks and reduce the reliance on manual validation processes.

Identify potential sanctioned entities, politically exposed people, conflicts of interest, or collusion in real-time and assure executives that these risks are being managed and mitigated.

Perform the necessary checks on onboarding and continuously thereafter to mitigate against adverse changes in your supply chain.

Contextualising the risk for your organisation

Understanding changes in your vendor circumstances such as being in financial distress or the inclusion in a sanctioned entity list is critical for any organisation to know. However, your organisation’s response to these changes needs to be commensurate with your exposure to the vendor in question.
With this in mind, Satori will combine this information with internal data points based on your activity with that vendor (such as open contracts, open POs, historic spending, etc) to ensure that if your exposure from that vendor is high, you can respond in line with the urgency that it requires. Having all the facts in hand ensures that you respond in the appropriate manner.

How CCM works
How CCM works

How it works

Satori provides a level of independent assurance that the operational risk management and internal control frameworks are working as intended. They also ensure that these operations are complying with the relevant legislation and regulations relevant to their industry.

The combination of internal data from your ERP and procurement systems, combined with external data sources on an ongoing basis allows the generation of material insights needed to stay on top of continuous changes in your vendor landscape.

The Satori Solution

Satori is a Software as a Service that offers automated, continuous monitoring across any vendor or 3rd party transacting with your organisation.

The Solution’s workflow manages exception output to ensure follow-up in a timely manner by the team or the person of responsibility. Each exception is investigated and closed out with a defined issue, action, and root cause.

Satori’s Dashboards provide management with real-time visibility on what issues are occurring and their root causes, enabling opportunities for process improvements.

How CCM works

What’s included

Satori’s Vendor Risk Management solutions protects your business from financial and reputational risks. Satori continuously matches vendor master, employee master and related transactional data with the following 3rd party data sets.  

Bank Account Change Verification

Business Register Lookup (ABN, ABR, GST, ACRA, UEN)

Insolvency notices from the Insolvency Notices Register administered by regulatory bodies

Court Actions & Insolvency Notices

Payment defaults from 50,000+ organisations

Mercantile enquiries lodged by agents (debt collectors)

Terrorists and Sanction lists

Politically Exposed People (PEPs) & Adverse Media

Vendor Risk Management for every scenario

Vendor Onboarding

  • Secure portal for supplier submission
  • External verification of supplier submission
  • Automated credit report with every application
  • Submission of attachments such as directors’ guarantees
  • Automated trade reference checks
  • Integration to ERP via API

Credit Risk Reports & Alerts

  • Change in credit score
  • Payment defaults
  • Change of directors
  • Bankruptcy risk
  • Change in overall risk rating

Monitor key suppliers:

  • Payment defaults
  • Court actions and insolvency notices
  • Mercantile enquiries
  • Administrator or liquidator appointments
  • Business Registration or Company status changes
  • Director’s changes
  • Address changes
  • Contextualise the above against your commercial activity for these suppliers:
    • Historical spend
    • Open POs
    • Unpaid invoices
    • Spend thresholds
    • Open contracts

Bank and Business ID Verification

  • Independent and Automated Bank Verifications for suppliers and/or employees
  • Utilising a unique Open Banking Consumer Data Right mechanism to verify supplier bank account details
  • Continuous supplier bank account verification/monitoring
  • Bank regulatory body file management

Sanctions, PEPS and Adverse Media

  • Sanctioned organisations and/or individuals
  • Politically Exposed Persons (PEPs) and persons of interest
  • Adverse Media
  • Daily updates
  • Follow up from regulatory authorities
  • Routine list comparison to provide comprehensive updates and changes

Business Register Lookup

  • Satori can automate the check of suppliers’ Business and Tax registration on an ongoing basis to ensure that suppliers remain:
  • Registered  with Regulatory Bodies and their Business Number is valid and correct
  • Registered for Tax (if applicable) and if this changes, ensure that Tax is not levied and paid against these supplier invoices
Retail Transaction Monitoring

Without Satori we would be 5 years behind on compliance framework activities, controls process maturity and internal policy compliance.

Large Retail & Hiring BusinessCommercial Process & Compliance Manager

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VRM Guide

Delivering early identification for rapid response, Satori provides 100% assurance of mitigation and reduced financial loss by delivering highly targeted alerts regarding potential risk exposure related to an organisation’s suppliers.

Satori reduces manual activity by automating manual checks. Supported by our Managed Services team, it ensures complete accountability and coverage of this critical part of any business.

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TRUSTED BY OVER 200+ ORGANISATIONS
Satori Customer MMG Mining

“I would recommend Satori to any organisation that wants to be on top of their game by having the ability to be warned and protected 24/7 *365 days a year. 100% testing run daily on high-risk assertions wouldn’t be possible without this tool doing its magic in the background.”

Yuliya Gultekin - Manager Audit and Assurance, Risk and Assurance TeamWaka Kotahi New Zealand Transport Agency

“Satori takes our data, puts it through their magical system, and presents it back to us in an actionable format.”

Principal Fraud and Corruption ControlGovernment Utilities

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