Korus Consulting automated anti-corruption vendor review at Sova Capital

2021: Integration of SED with Refinitiv, DaData

On June 21, 2021, Korus Consulting Group announced that it had expanded the capabilities of the electronic document management system of the international investment company Sova Capital Limited. Now its employees can conduct anti-corruption verification of suppliers and record results in a single interface, directly in the SED. This decision reduced the time and labor of specialists to evaluate suppliers and allows you to make decisions about transactions, minimizing regulatory and legal risks. The company has a need to automate a comprehensive verification of supplier reliability. To implement the project, Sova Capital invited KORUS Consulting Group of Companies.

The IT company's specialists have expanded the capabilities of the existing SED by integrating it with the Refinitiv - World-Check service, which allows evaluating counterparties for factors related to corruption, money laundering, as well as checking and monitoring politically significant persons, sanctions restrictions and other increased risks and factors. After revision, the SED automatically checks the country of registration of the supplier based on the corruption perception index published annually by Transparency International. The system downloads the reference to the check case to World-Check and consolidates the information provided by the user in the special questionnaire to assign the supplier to a specific risk group and set the date for the next check.

In addition, the SED strengthens the verification stages of suppliers from the point of view of personal data processing and information security, which are now carried out on the basis of internal consolidated information provided by the user, without integration with an external service. The results of the various vendor checks are displayed in the system as a completed questionnaire or summary of forms prepared by Sova Capital in accordance with internal policies.

Also, SED SOVA docs integrated with DaData services to automatically complete data on the company's [Russia 'Russian]] suppliers and adapted the supplier directory to the latest regulations for working with them. Additionally, the business processes of negotiating contracts with suppliers have been optimized, the number of stages has decreased and routes have been simplified, and the contract termination process has been automated. The IT solution is tailored to the legal requirements of British and Russian jurisdictions.

In recent years, we have devoted a lot of time to automating processes at Sova Capital. This is understandable, because the pace of business does not allow us to spend time on mechanical routine operations. At the same time, regulatory authorities require the company to have zero tolerance for facts of illegal or unscrupulous activities, to conduct a thorough inspection and assessment of counterparties. Therefore, our domestic policies are undergoing changes, and the SED must comply with such changes. Integration with Refinitiv, DaData, other settings in the framework of supplier interaction processes has become another important and large-scale stage of the system refinement, which we successfully completed in partnership with KORUS Consulting. The key to the success of SED processing is not only the versatility and flexibility of the software on which SED is built, but also the experience, knowledge of IT specialists, the ability to quickly understand the internal processes of the customer, to propose a solution. For us, everything happened with the choice of KORUS Consulting as a provider of processing services SOVA docs, "comments Svetlana Rogova, head of the legal department of Sova Capital Limited.

As a large international company, Sova Capital is important to minimize legal, regulatory and financial risks on transactions, so special attention was paid to optimizing this process. Evaluation and relationships with counterparties around the world have become transparent, full compliance with security regulations has been ensured - informed decision-making has become easier and faster. A unified system helps save time to check information on contractors and customers, create and coordinate transactions, which was previously carried out manually, "said Vladislav Stepanov, Director for Development of the Portal Solutions Department of KORUS Consulting.

2020: Entry of updated regulations

In 2020, in order to improve the quality of supplier inspection, reduce regulatory and legal risks, the company introduced updated regulations for internal processes of interaction with suppliers.

2019: Implementation of "Corus Five'Documentoboro "

In 2019, Sova Capital, in partnership with KORUS Consulting, introduced SED SOVA docs based on the CORUS Five| Document Management solution.