Know your supplier (KYS)

In 2008 British businesses lost in excess of £1 billion to scams and fraudulent suppliers. In the first half of 2009, the FSA imposed £6 Million in fines to financial firms whose systems and controls were judged to be insufficient to prevent financial crime.

Just how well do you know your suppliers?

A typical firm could save thousands of pounds in fiscal and reputational capital by mitigating the uncertainties surrounding the performance, systems and controls of a critical supplier. Recent high profile cases from both the private and public sectors have highlighted the considerable risks of failing to adequately check sensitive parts of the supply chain, checks which can substantially reduce the risks of supplier fraud, incompetence and insolvency.

Powerchex has developed a new vetting service called Know Your Supplier (KYS^®) which will answer all the important questions you may have about a new or existing supplier.

• Are your suppliers good at what they do?
• Are your suppliers reliable and reputable?
• Are your suppliers financially stable?
• Are your suppliers adequately safeguarding sensitive data?
• Are your suppliers compliant with FSA best practices as they relate to supplier due diligence?

What is KYS^®?

Within 5 days our trained Powerchex investigators will take up client references, conduct reputational and financial checks and assess the robustness of your suppliers’ information security systems. Your results will be presented in a comprehensive written  report.