How do you currently get to know your ideal suppliers?
CURRENT KYS PROCESS
Oil & Gas
1- Do you provide a self onboarding channel for your Suppliers?
Yes, we have our own platform/technology for it.
Yes, we hired a platform/technology for it.
No, it's made by excel form, received by email and processed by an internal team.
2-What's the technology you use for onboarding suppliers?
3- Does the company make the KYS process whith what type of suppliers?
All of them
Only Critical providers and high contract values
4- What do you expect from software on the KYS process? (Multiple responses are allowed)?
Quality of content
Third party validation
Flexibility of process
Integration to other systems
Customer service / support
Compliance to FATF standards
Used by similar organizations
Data private and GDPR
5- What documents do you currently requesting to onboard a company? Please consider the criteria for critical suppliers. (Multiple responses are allowed)
Current and valid copy of license to trade
Latest certified or audited financial statements
Banking information including Bank Name, Account , SWIFT and BIC codes, Bank Address, Bank Account Number, for payment of invoices.
General information about the company and the products/services offered
Letter of reference from clients to whom the company has provided over the past 12 months
Prove of back-up plant
Non-disclosure agreement signed by a legal responsible
6- Do you have a formal process to validate and approve the onboarded Suppliers?
7- Do you do re-checks periodically of your existing base of Suppliers?
8- How often do you do the re-checks of the existing base of Suppliers?
Every six month
Once per Fiscal Year
9- Do you have any form of a risk calculator to approve or reject a new supplier?
10- What is the main challenge in your current KYS process?
Manual process, leading to low speed and envolvement of many assets.
No interface with regulatory updates
No real-time data update
Long time to generate a report
Lack of flexibility of the current system
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