News release - LeVenues

siberiaskeinData Management

Nov 20, 2013 (3 years and 4 months ago)

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Press release


Da
t
e

Brussel
s
,
xx xx
201
3


Contact
s

Rudy Hoskens
,
Partner
, PwC
Belgi
um
,

e
-
mail:
rudy.hoskens@pwc.be


Sally Trivino,
Director, PwC Belgi
um
,

e
-
mail:
sally.trivino@pwc.be


Saskia Rademakers,
Marketing & Communication
,

PwC
Belgi
um
,
e
-
mail:
saskia.rademakers@pwc.be




PwC
and

Vadis
sign exclusivity agreement on

Third Party M
onitoring



PwC

has signed an exclusive agreement with
Vadis,
a

Belgian supplier of intelligent

systems

and
services in the area of

data

mining
.
Specifically
, this means that the two parties can go to market
jointly with a combination of forensic
expertise
and

data mining tools

for
improved

management and
control of international

third
-
party business relations
,
also known as

t
hird
-
p
arty
m
onitoring

(TPM).
This

exclusive
cooperation is not just the product of the two companies’ complementary service
offerings: the
impact
of increasing regulation on businesses has also been a major
factor
.


According to

Rudy Hoskens,
Forensic Services
Partner

at

PwC
Belgium and a

specialist in Dispute
Analysis & Investigations,
the stricter rules, especially since the
start

of the financial crisis, are
bringing ever
-
more pressure to bear on companies
with regard to

compliance
,
in the broad sense of the
word
.

The responsibility bu
sinesses
are under

when contracting with third parties is constantly on the
up
.
Which is why TPM is also of increasing importance
.
Business
es

have to watch out who they do
business with
.
Thanks to

Vadis
’ tools,
companies

are able to permanently, and thoroughly, screen their
international

business relations (suppliers, customers, intermediaries, agents and other
commercial

partners)
.
Are they creditworthy
?

Are they compliant with all the relevant regulations
?
But I would
a
lso mention screening in the context of take
-
overs
.
Often, the focus is laid on labour conditions and
due diligence into the financial and tax situation, but people forget to do any
compliance

screening
.”


Combining expertise with the right tools gives enh
anced risk management


The cooperation between

PwC
and

Vadis
offers end
-
users a whole package of benefits
. Vadis

solutions
not only simplify internal risk management
procedures
but also offer permanent

monitoring

and
alarm

functi
on
s
vis
-
à
-
vis outside part
ies
.
These
tools

can be fully adjusted to business
-
specific needs
and give clients access to much better, clearer, visual information on third parties
.
To t
his information
is
also

added a risk score on
the basis of pre
-
set parameters, tailor
ed

to the client’s needs
. “
Th
e tools
also give businesses the support they need to comply with the mass of rules such as
FATCA, OFAC, EU
Sa
nctions, KYC, AML
and the

UK Bribe
ry Act
,
” Hoskens

continues
. “
Till now, the approach has
tended
to be

reactive, but th
e stricter rules mean our forensic

team
has to adopt a more

preventive
philosophy
.
When supplemented with our

expertise,
Vadis
’ tools
,
which combine the most extensive of databanks


2

van
2

with

a
d
vance
d

data

mining

techni
ques,

enable us to offer business an extrem
ely effective and proactive
solution
.”


Frank S
t
aelens,
Vadis


Managing Director,
also believes that the
exclusive
cooperation with
PwC
means a
huge

added value for clients
: “I

am convinced that the two firms strengthen one another
. O
ur

techni
cal solutions and
PwC’s
expertise
are extremely complementary
.
We have chosen

PwC as
our

preferred
partner
owing to their vast knowledge in the field of risk management advisory and services
.
Plus
,

PwC
has a properly developed international forensic netwo
r
k.
They’re now able to include our
data

mining technology

in their service offering
,
giving them starker market differentiation
.”


Staelens
goes on to emphasise that the principle of

what we don’t know can’t harm us


is no longer an
option from the
corpor
ate governance

perspective
:


The number of businesses that are faced with
serious
depreciation
, loss of reputation and/or involvement in investigations because they have
insufficient knowledge of their business partners is continually rising
.
Till recently, setting up a system
of continuous risk
monitoring
over ever
y

type of interesting data in the public domain was virtually
impossible and/or a very expensive proposition
.
We have developed

bespoke

one stop


solutions for

multinationals
and SM
Es.

A whole range of agencies in the public
sector
also plan using these
solutions in order to crank up the fight against subsidy and tax fraudsters
.





***


About

Vadis

Vadis
was set up

in 2003
and is now an established authority in the field of
data,
web, te
x
t
& image
mining
.
The company specialises
in
p
redictive
m
odel
l
ing
and

p
ublic data mining/brokerage.
This

combinati
on allows

Vadis

to offer new, revolutionary software solutions for commercial and risk
management applications, both o
n

site
and as

Sa
aS

solutions
. Vadis
works together with

data

mining

expert
s
,
business analysts
, software

developers and forensic auditors

in order to give optimum support
to its clients in both the public and private sectors
.
More info on

www.vadis.com
.

About PwC


PwC firms help organisations and individuals create the value they’re looking for. We’re a network of
firms in 158 countries with over 180,000 people who are committed to delivering quality in assurance,
tax and advisory services. Tell us what matters to y
ou and find out more by visiting us at
www.pwc.be/dai
.


PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate
legal entity. Please see
www.pwc.com/structure

for further details.


© 2013 PwC. All rights reserved.


Information for editors


PwC’s name has changed from ‘PricewaterhouseCoopers’ to ‘PwC’, with a capital ‘P’ and ‘C’ and a lower
case ‘w’; only in the logo are all the
letters written in lower case.


For more information or an interview on this topic, please contact Geert Poisquet (0479 33 44 89) or
Olivier Maüen (0495 59 38 06) at Luna. Our email address:
pwc@luna.be
.


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.