KYB (Know Your Business) is important for several reasons: 1. Compliance: KYB is a crucial component of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. Businesses are required by law to verify the identity of their customers and third-party partners to ensure that they are not involved in illegal activities. 2. Risk management: KYB helps businesses to identify and mitigate potential risks associated with their partners and suppliers. By conducting due diligence, businesses can minimize the risk of fraud, reputational damage, and financial loss. 3. Business continuity: KYB helps businesses to maintain continuity in their operations by ensuring that their partners are financially stable and have a good reputation. By knowing their partners' financial standing and reputation, businesses can anticipate and prepare for any potential disruptions that may affect their supply chain. 4. Relationship building: KYB helps businesses to build trust and establish long- term relationships with their partners. By demonstrating a commitment to due diligence, businesses can foster a culture of transparency and accountability, which can lead to stronger partnerships and increased collaboration. In summary, KYB is important because it helps businesses to comply with regulations, manage risks, ensure business continuity,

With Conect our seamless payment process through Stripe Pay and a simple agreement of terms, you'll receive an instant access link that unlocks a world of powerful features. With Conect Pro you enjoy a personalised experience tailored to your needs. After selecting your preferred tier, we kick off with an initial discovery day, spending a full morning with you to extract all the necessary information for automation assessments and workflow customization. From there, we commit to configuring the system within 14 days after your sign-off, ensuring you can start optimizing your operations in no time. Say goodbye to long deployment timelines

1. Trust and transparency: By conducting due diligence on their partners, businesses can establish trust and transparency in their relationships. This helps to build stronger partnerships and reduces the risk of misunderstandings or conflicts. 2. Reduced risk: KYB helps to reduce the risk of fraud, reputational damage, and financial loss. This benefits both businesses and their partners by minimizing the potential for disruptions to their operations. 3. Compliance: KYB is required by law for AML and CTF regulations. By complying with these regulations, businesses and their partners avoid the risk of penalties and fines. 4. Better decision-making: KYB provides businesses with valuable insights into their partners' financial standing, reputation, and compliance history. This helps businesses to make informed decisions about who to work with and how to manage their relationships. 5. Improved performance: By working with reliable and trustworthy partners, businesses can improve their performance and achieve their goals more effectively. This benefits everyone involved in the business relationship by promoting mutual success and growth. In summary, KYB benefits everyone involved in a business relationship by promoting trust and transparency, reducing risk, ensuring compliance, enabling better decision- making, and improving performance.

Conect will save time and money for businesses in several ways: 1. Streamlined processes: By implementing standardised processes for onboarding, due diligence, and ongoing monitoring of third-party partners, businesses can save time and reduce costs associated with manual processes. 2. Risk mitigation: By identifying and addressing potential risks associated with third-party partnerships, businesses can reduce the likelihood of costly disruptions or legal issues. 3. Improved performance: By working with reliable and trustworthy partners, businesses can improve their overall performance and achieve their goals more efficiently. This can lead to cost savings and increased revenue. 4. Compliance: By ensuring that third-party partners comply with regulations and standards, businesses can avoid fines and legal penalties that can be expensive and time-consuming. 5. Enhanced relationships: By fostering open and transparent communication with third-party partners, businesses can build stronger relationships and avoid disputes that can be costly to resolve. 6. Proactive approach: By taking a proactive approach to third-party management, businesses can address potential issues before they become major problems, saving time and money in the long run. In summary, sound third-party management saves time and money for businesses by streamlining processes, mitigating risk, improving performance, ensuring compliance, enhancing relationships, and taking a proactive approach to potential issues.

There are several reasons why you might need Conect in your business: 1. Complexity: As businesses grow, they often work with an increasing number of third-party partners, which can make managing those relationships complex and time-consuming. Third-party management software can help you to manage those relationships more efficiently and effectively. 2. Compliance: Many industries are subject to regulatory requirements that mandate the use of third-party management software. For example, financial institutions are required to comply with AML (anti-money laundering) and KYC (know your customer) regulations, which require rigorous due diligence on third-party partners. 3. Risk management: Third-party management software can help you to identify and mitigate potential risks associated with your third-party partners. By conducting due diligence and ongoing monitoring of those partners, you can reduce the risk of fraud, reputational damage, and financial loss. 4. Scalability: As your business grows, it can become more challenging to manage your third-party relationships manually. Conect can help you to scale your operations more efficiently by automating key processes. 5. Performance optimization: Third-party management software can help you to optimize the performance of your third-party partners by providing valuable insights into their financial standing, compliance history, and other key metrics. In summary, third-party management software can help you to manage your third-party relationships more efficiently, comply with regulatory requirements, mitigate risks, scale your operations, and optimize performance.

The amount of time and money that Conect will save you will depend on several factors, including the size and complexity of your business, the number of third-party partners you work with, and the level of risk associated with those partnerships. However, some of our clients have told us that they have seen: 10-25% cost savings across their supplier base Up 20% increase in third-party spend managed per Full-Time Equivalent (FTE) reflecting ability to better leverage talent Up 30% additional contribution to net revenue from streamlining supplier related processes Up to 25% increase in EBITDA and share price upon completion of the entire supply chain transformation These numbers represent time or capital. Here are a few examples of how they have achieved them 1. Streamlined processes: Conect can automate many of the manual processes associated with onboarding, due diligence, and ongoing monitoring of third-party partners. This can save you time and reduce the costs associated with manual processes. 2. Risk mitigation: By identifying and addressing potential risks associated with your third- party partnerships, you can reduce the likelihood of costly disruptions or legal issues. This can save you money by avoiding the costs associated with those disruptions or legal issues. 3. Compliance: Third-party risk management software can help you to comply with regulatory requirements, which can save you money by avoiding fines and legal penalties. 4. Improved performance: By working with reliable and trustworthy partners, you can improve your overall performance and achieve your goals more efficiently. This can lead to cost savings and increased revenue. 5. Enhanced relationships: By fostering open and transparent communication with third- party partners, you can build stronger relationships and avoid disputes that can be costly to resolve. 6. Centralisation of your data: by centralising your data and being able to extract powerful Mi out of it will enable you to not only make critical decisions fast but also form the baseline for any future innovation. Overall, Conect can save you significant time and money by streamlining processes, mitigating risk, ensuring compliance, improving performance, and enhancing relationships.

It's difficult to provide an exact figure for how much time conect could save you on average, as the amount of time saved will vary depending on factors such as the size of your business, the number of third-party partners you work with, and the complexity of your operations. One Insurance client has reported that since deploying conect they have saved 7.5 man hrs which is a full working day per supplier per annum In administration task and streamlining processes That being said, Conect will significantly reduce the amount of time you spend on manual processes such as data entry, document management, and reporting. This can free up valuable time that can be spent on more strategic activities, such as building relationships with your third- party partners, identifying new business opportunities, or improving your overall performance. Additionally, Conect can help you to proactively identify and mitigate potential risks associated with your third-party partnerships. By addressing these risks early on, you can avoid costly disruptions and delays that can be time-consuming to resolve. Overall, the amount of time saved by using conect will depend on several factors, but it's safe to say that it can significantly reduce the time and effort required to manage your third-party relationships effectively.

Yes, Conect can enable you to easily extract Management Information (MI) to report to your board or other stakeholders. Conect includes reporting and analytics features that allow you to generate custom reports on your third-party relationships, risk assessments, compliance status, and other key metrics. These reports can be tailored to meet the specific needs of your board, peers or other stakeholders, and can be exported in a variety of formats, such as PDF, Excel, or CSV. In addition, Conect includes dashboards that provide real-time insights into your third-party relationships and associated risks, making it easier to stay up-to-date and informed. Overall, using third-party risk management software can help you to easily extract MI and generate reports that can be shared with your board or other stakeholders. This can save you time and effort while ensuring that you have the necessary information to make informed decisions about your third-party partnerships.

The business case for implementing Conect into your business includes several key factors: 1. Cost savings: Third-party risk management software can save your business significant costs by streamlining manual processes, automating workflows, and reducing the likelihood of costly disruptions or legal issues associated with third-party partnerships. 2. Compliance: Third-party risk management software can help your business to comply with regulatory requirements related to third-party risk management, reducing the likelihood of fines and legal penalties. 3. Risk mitigation: Third-party risk management software can help your business to identify and mitigate potential risks associated with your third-party partnerships, reducing the likelihood of costly disruptions or legal issues. 4. Improved performance: By working with reliable and trustworthy partners identified through your third-party risk management software, you can improve your overall performance and achieve your goals more efficiently, leading to increased revenue and profitability. 5. Enhanced relationships: By fostering open and transparent communication with third- party partners through your third-party risk management software, you can build stronger relationships and avoid disputes that can be costly to resolve. 6. Competitive advantage: Implementing third-party risk management software can give your business a competitive advantage by demonstrating to customers and other stakeholders that you take your third-party relationships seriously and are committed to managing associated risks effectively. 7. Easily scalable so will grow with your business: built to scale without the heavy ongoing development costs. 8. Easy and quick to deploy: on signing the contract you will be live within a day and within 14 days you will be running processes, building on the system internally and extracting MI 9. Data driven insights: Overall, the business case for implementing Conect is based on the potential cost savings, compliance benefits, risk mitigation, improved performance, enhanced relationships, centralised data and competitive advantage that can be achieved.

Yes, Conect will unite teams globally and enable collaboration across different time zones. Conect cloud-based, which means that they can be accessed from anywhere with an internet connection. This allows teams in different locations and time zones to collaborate and work together in real-time, regardless of their physical location. Additionally, workflow an tasks enable collaboration and communication between teams, such as shared document management, task assignments, and messaging capabilities. These features can help to streamline workflows, improve efficiency, and foster teamwork across different regions and time zones. Overall, Conect will enable collaboration and communication between teams globally, allowing them to work together more effectively and efficiently, regardless of their physical location or time zone.

1. Automated Risk Assessments: Conect can automate the process of risk assessments for third-party vendors, saving users time and reducing the risk of human error. This can help businesses save money by reducing the need for manual labor and improving the accuracy of risk assessments. 2. Streamlined Due Diligence: Conect can streamline the due diligence process by providing a centralized platform for managing all third-party relationships and data feeds. This can save users time by reducing the need to switch between different systems and tools. It can also help businesses save money by reducing the risk of duplicate efforts and improving the consistency of due diligence procedures. 3. Real-Time Monitoring: Conect provides real-time monitoring of third-party relationships, alerting users to potential risks and issues as they arise. This can save users time by providing them with timely information to take action before problems occur. It can also help businesses save money by reducing the risk of costly legal and regulatory fines. 4. Enhanced Collaboration: Conect provides a collaborative platform for managing third- party relationships, allowing different teams and departments to work together more efficiently. This can save users time by reducing the need for back-and-forth communication and improving the speed and accuracy of decision-making. It can also help businesses save money by improving the overall effectiveness of their risk management processes. Overall, Conect can help businesses save time and money by streamlining and automating their third-party risk management processes, improving their risk visibility and control, and reducing the risk of costly regulatory fines and reputational damage and building long term and trusted relationships

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