You are here: Home | Know Your Supplier | What is in a KYS report?

What is in a KYS report?

Specialising in supplier due diligence

  • Company credit search
    This search involves a full credit report on the supplier. This includes three years of accounts, CCJs/bankruptcies, shareholding etc. In addition, we will require the supplier to provide updated financial statements/management accounts to close the gap between their last filing at companies’ house and the date of the search. Where available we will also provide an up-to-date payment record
  • Directors fitness and propriety
    Full director’s reports including other directorships in associated and independent entities. Disqualified director’s search and full media trawl on the primary directors is included.
  • Client references
    We will interview two clients focusing on issues that are relevant to you. We will speak to clients who are similar to you in size and in how they use the service.
  • Relevant industry memberships
    We will check with the industry body to make sure that they are members in good standing. We will verify all other relevant company memberships or accreditations.
  • Company media trawl
    In addition to conducting a full media search of the primary directors, we will also conduct a full reputational/media search on the company and relevant subsidiaries.
  • Business conduct – self accreditation of equipment, policies and procedures
    We will conduct a telephone interview with the supplier regarding their IT and data security arrangements, business continuity preparedness and vetting processes. The results will be documented in our report.

In the case of a Level 2 KYS®, a Powerchex representative will visit the primary site of the supplier and will conduct a visual audit of the information requested during the Business Conduct interview.

  • Findings displayed in a full written report
    A full written report, highlighting issues will be provided in 5 business days from the ordering date. For Level 2 reports, the site audit may take up to 10 business days from ordering date. Our report will be dispatched by PDF to the named contact at your company. Follow up on any remedial action, or annual audits are also available at an additional cost.

“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.

Awards