Croatia’s Financial Services Sector Urged to Prioritize Due Diligence in Third-Party Relationships
As Croatia’s financial services sector continues to grow, so do the risks associated with dealing with third-party relationships. The potential consequences of failure can be severe, whether financially or reputationally.
Mitigating Risks through Due Diligence
To mitigate these risks, Forvis Mazars, a leading provider of due diligence services in Croatia, is urging financial institutions to prioritize thorough due diligence when engaging with third parties. Their experienced team uses cutting-edge technology to help clients navigate the complex landscape of potential risks and ensure compliance with regulatory requirements.
“We understand that managing third-party relationships can be a minefield,” said [Name], Director at Forvis Mazars. “That’s why we offer a tailored approach to due diligence, combining human expertise with AI-based solutions to provide a comprehensive understanding of your partners and suppliers.”
Comprehensive Due Diligence Services
Forvis Mazars’ due diligence services cover a wide range of financial, political, reputational, environmental, and human risks, including:
- Bribery and corruption
- PEPs (Politically Exposed Persons)
- Sanctions
- Watchlists
Their technology allows for efficient and rigorous risk assessments, searching and analyzing thousands of structured and unstructured data sources worldwide.
AI-Based Solution for Efficient Due Diligence
Forvis Mazars’ AI-based, automated due diligence solution is particularly effective in identifying potential red flags, reducing false positives by 97% and providing a comprehensive audit trail to satisfy regulatory requirements.
“We recognize that each client has unique needs and risk profiles,” said [Name]. “That’s why we offer flexible solutions that can be tailored to meet their specific requirements. From one-off searches to ongoing continuous monitoring, our tool provides complete control over the due diligence process.”
Prioritizing Due Diligence in Risk Management Strategy
Forvis Mazars is urging financial institutions in Croatia to prioritize due diligence as a critical component of their risk management strategy. By doing so, they can ensure compliance with regulatory requirements, protect their reputation, and minimize potential losses.
“We’re committed to helping Croatia’s financial services sector navigate the complex world of third-party relationships,” said [Name]. “Our experienced team and cutting-edge technology are here to support you every step of the way.”