D&B Compass is Dun & Bradstreet’s new third-party risk management solution that is powered by Artificial Intelligence and allows for comprehensive due diligence and monitoring of all levels of customer, supplier, and third-party relationships. According to the press release:
D&B Compass creates a seamless onboarding experience by working across data system structures to create aggregated views of third-party entities. Having a near real-time, useful view of potential and current business relationships can enable companies to screen efficiently to onboard faster, and monitor entities throughout the entire lifecycle of a relationship. By realizing cost savings and reduced time to onboard, businesses can focus on scaling a flexible program to respond to the dynamic business landscape and regulations.
D&B cites a 2018 Dun & Bradstreet survey of procurement and compliance professionals, which reveals that customer/vendor due diligence and ongoing supplier/vendor monitoring were among top concerns and many companies struggle “to implement automation in their third-party risk programs to help combat these issues.”
D&B Compass is different from D&B Supplier Risk Manager (SRM) in that (according to communications with a D&B solutions provider) “the Compass solution is a custom tailored solution designed to your companies workflow and risk management of their vendors/suppliers…SRM is like an out of the box solution/platform that is available and user ready.”