TRACE Standard is a detailed due diligence process that results in the third party receiving TRACE membership. The intermediary then has an annual requirement to update the information it provided and a mandatory anti-bribery training course. The TRACE Standard due diligence process is only available to TRACE member companies. The reports contain an intermediary’s beneficial ownership; names and CVs of owners, directors and key personnel; copies of applicable business registrations; business references; an audited financial statement or a financial reference; and a media search and denied parties screening. Intermediaries also provide information regarding subsidiaries, joint ventures, affiliates or directorships and answer a number of compliance questions. Intermediaries must also adopt a code of conduct as part of their TRACE membership.
TRACEselect is a customizable due diligence “dashboard” available to manage a company’s third parties. Companies are able to select various components of a due diligence report, which are each priced separately. TRACEselect reports are delivered electronically to companies’ online TRACEselect accounts, which allows companies to track, manage and update their third party relationships.
TRACEcheck is a streamlined due diligence tool designed for lower-risk third party intermediaries or as a pre-vetting tool for higher risk third parties. These reports are available to both TRACE members and non-members. We undertake due diligence with the intermediary’s knowledge and active participation, but there is no cost to the intermediary. The TRACEcheck report contains ownership information; the names of company directors and key personnel; one business reference; self-certification of financial stability; a number of compliance questions; and a media search and denied parties screening.