319 Networks delivers high value in solving unique challenges across a variety of industries:
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Oil & Gas |
3rd Party Due Diligence, Gifts & Hospitality Compliance, and Employee Certification by 319 Networks are key applications that should be implemented in Oil & Gas organizations to not only meet regulatory mandates, but also to provide flexibility in adapting to continual changes, reveal important Networkss into areas of potential risk, and deliver business intelligence to empower decision makers. |
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Metals & Mining |
Companies that make a concerted effort to establish a thorough AML compliance program will benefit their business in ways they may not have considered. The timeliness of capital flow is essential to maintaining suitable operating conditions as a precious metals business. It is therefore a necessity to have advantageous line-of-credit and lending programs to compete. In order to establish ethical banking and refining relationships, dealers in precious metals must demonstrate full cooperation with AML & KYC guidelines. In addition, ensuring the legitimacy of your channel builds a sustainable business. Notably, through demonstrating risk aversion with authorities, businesses can establish important communication lines with agencies to forge key relationships and strengthen their position within the industry. Anti-Money Laundering, Employee Certification, and Large Scale Complex Surveys by 319 Networks should be deployed in Metals & Mining organizations to meet & exceed regulatory guidelines, reduce organizational risk & exposure, and identify channel strengths, weaknesses, opportunities, and threats. |
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Law / Legal Services |
Custom Applications by 319 Networks can automate and centralize contract management, organize and secure inventory for intellectual property rights, support collaboration through enterprise portals, and close integration with other key enterprise systems. |
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Banking / Financial Services |
319 Networks can help banks and other financial institutions develop their compliance departments to include the fundamental elements of a successful program – a diligent Customer Acceptance Policy; its Customer Identification Procedures; the Monitoring of Transactions; and Risk Management. Using 319 Networks's Anti-Money Laundering, 3rd Party Due Diligence, and Employee Certification applications, banks and financial institutions can efficiently and securely perform compliance functions, including – collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP); name matching against lists of known parties (such as "politically exposed person" or PEP); determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft; creation of an expectation of a customer's transactional behavior; and monitoring of a customer's transactions against their expected behavior and recorded profile as well as that of the customer's peers. A risk-based approach that will spot and notify financial institutions of any discrepancies or concerns regarding a potential customer is critical in today’s environment. |
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Industrial / Manufacturing |
To avoid being held liable for corrupt third-party payments, the US Department of Justice encourages companies "to exercise due diligence and to take all necessary precautions to ensure that they have formed a business relationship with reputable and qualified partners and representatives." The level of scrutiny necessary for an organization to reach reasonable confidence that it is engaged in a normal, legitimate business transaction varies with corruption risk. The level of corruption risk determines how much scrutiny is required to be able to defend before a judge or a prosecutor that the organization is confident it is dealing with a bona fide third party. The higher the risk, the broader and deeper the third-party due diligence should be. 319 Networks has the platform and applications such as 3rd Party Due Diligence, Gifts & Hospitality Compliance, and Employee Certification to understand the universe of third parties and which ones should be subject to due diligence, assess the level of corruption risk associated with operational profiles, conduct risk-based anti-corruption due diligence, and manage the approval process while mitigating identified risk. |
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Medical / Pharmaceutical |
319 Networks's 3rd Party Due Diligence, Gifts & Hospitality Compliance, and Employee Certification make compliance simple, flexible and fast through shorter due diligence cycle times, accurate data assembly and powerful reporting. A low cost of ownership enables your compliance department to operate more efficiently and cost-effectively. |