The business challenge
In our experience, it is crucial for companies to exercise due diligence when verifying their suppliers and business partners in order to prevent potential VAT fraud.
Another important aim is to mitigate the risks arising from suppliers that are not sufficiently stable from a financial, tax or other legal perspective, or the risk of non-payment by customers. By automating the process with software, the entire partner portfolio can be verified not only at the time of tendering or contracting with a supplier, but also on a monthly, weekly or even daily basis. In addition to minimising risks, PwC’s Intelligent Risk Monitoring system can help to significantly reduce the manual work involved in supplier due diligence.
How we can help
PwC’s Intelligent Risk Monitoring makes it possible to verify both prospective suppliers (onboarding check) and existing suppliers during the contractual relationship (portfolio check) in a verifiable and automated way, in accordance with NAV’s audit requirements.
- monitoring the financial stability and solvency of customers and other business partners;
- monitoring the stability of partners supplying raw materials and components for manufacturing or other uses, in order to reduce potential supply risks;
- monitoring the reliability of subcontractors, other business entities involved in joint deliverables, or screening them for quality assurance.
The benefits of the solution at a glance
By checking suppliers, risks can be minimized and VAT fraud prevented.
Reduce the manual work and time required to screen the entire supplier and partner base.
The software has been developed based on the experience of PwC's VAT colleagues and tax authority practice.
The software analyses suppliers against more than 70 risk criteria.
Monitoring of solvency, quality assurance due diligence, etc.
No implementation or complex IT processes are required.
Take a look at the software!