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Benefits of KYS

Specialising in supplier due diligence

KYS® lets you know that your suppliers are competent, reliable and trustworthy.  It sheds an important light on how your suppliers work, what kind of reputation they have, their financial health and history, and whether or not they pose any risk to you and your customers.

You will become confident that:

  • Your suppliers are capable of meeting your needs. Suppliers can fail to live up to expectations built up through their websites. The KYS® report assesses your potential suppliers by obtaining verbal references from their clients while focusing on areas which are of particular importance to your business.
  • Your suppliers and their directors have a good reputation. The KYS® report examines the full extend of shareholdings of your suppliers’ primary directors to ensure that there are no conflicts of interest or disqualifications which may cause you embarrassment. Media searches and industry memberships will also be conducted where relevant.
  • Your suppliers are financially robust. The KYS® report examines, credit ratings, payment records, financial accounts, CCJs and other pertinent information that have a bearing to your supplier’s financial health.
  • You and your customers remain safe from financial crime. Your data may be safe within your walls, but it may not be properly protected at your suppliers’ premises.
  • Your company complies with the legal requirements and regulatory guidelines on data security. Failure to do so can lead to fraud and regulatory fines.
  • Your supplier chain is robust, so that your company’s reputation and assets are safe.

KYS® in accordance with FSA’s best practice and recommendation - learn more...

“The FSA highlighted that examples of good data security practice included, ‘conducting due diligence of data security standards of third-party suppliers before contracts are agreed’ as well as, ‘‘regular reviews of third-party supplier data security systems and controls, with the frequency of review dependent on data security risk identified’’”

FSA Data Security in the Financial Services 2008, p79 note 261.

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