Use case
Supplier audits
Make safer decisions and prevent welfare fraud with our convenient supplier audits. In one place, you can check, verify and monitor important information about your suppliers.
Introduction
The benefits of data-driven supplier screening
Methodically screening suppliers is increasingly important to ensure safe and efficient procurement. By using data to assess suppliers, organisations can not only verify essential company information but also detect potential risks early on. This includes critical factors such as previous bankruptcies and business risks linked to company representatives.
A data-driven supplier screening provides purchasers with detailed insights into a company’s financial history and any risks that may impact delivery capability. By identifying representatives with prior bankruptcies or a history of financial difficulties, public sector organisations can make more informed decisions and select suppliers that meet high standards of security and transparency.
For the public sector, which manages taxpayer-funded budgets, minimising the risk of financial issues or poor supplier quality is especially crucial. A data-driven screening process ensures that each supplier has a solid foundation and adheres to regulations, reducing the likelihood of financial or operational surprises down the line. This approach allows public organisations not only to avoid costly mistakes but also to build long-term, sustainable partnerships.
Control, verify and monitor information in one platform
Roaring offers a single platform for conducting background checks on suppliers and citizens. Our search service empowers your decision-making by providing accurate and sophisticated information to help you mitigate risk.
Our risk evaluation report will give you an instant overview with critical warnings. The user-friendly and intuitive interface is designed to streamline your due diligence process, enabling you to swiftly screen suppliers, partners or customers with a single click.
Related resources
Our services will effortlessly integrate with your workflows.
Integrations
▪ APIs
Develop your own custom solutions with integrated data retrieval.
Subscribe to updated information from your chosen data sets.
Applications
Verify and monitor information through an intuitive web interface.
Install a ready-made integration in your Salesforce or Dynamics CRM.
Developer-friendly APIs
Integrate with endless possibilities
Try our free sandbox experience to get started, including:
Docs, guides and support
Test objects for every API
Try-API-feature to see response data and structure
Available in Postman
Read more in the API documentation.
Do you have the right controls in place?
Here we've gathered everything you should check when procuring a new supplier.
What kind of company is it?
Although it might seem self explanitory to check the new supplier or customer before entering an agreement, it might be hard to know what to look for and what the warning bells are.
One of the simpler but more valuable risk indicators is to check the status of the company, such as bankruptcy and reorganisation. Here one should not forget to look at the historical information. A reorganisation can be completed without the company being declared bankrupt, but it can still give an indication that the company has had financial and operational challenges in the past. Other things to keep an eye out for is if there have been many changes of address in a short period of time, and if the company appears in legal contexts. Below we have gathered some additional checks that may be useful to carry out:
Are there more companies with similar names?
Business premises or postal address missing/incorrect
What is the box address or c/o address?
The address is "notorious"
Are there instances in legal contexts?
Another important thing to check before entering into a contract with a new supplier is whether that company, or its representative, appears in the legal context.
By carrying out these types of checks, you reduce the risk of being exposed to fraud, while ensuring compliance and creating long-term, sustainable business relationships.
How does the economy look?
The financial figures of a company can give indications that all is not well, or lead to follow-up questions being asked of the potential supplier or customer. Checking creditworthiness can be a good starting point, but other parameters are also important. Such as the turnover in relation to the number of employees, if the company registered for F-tax or if there have been a large and rapid changes in turnover or number of employees?
Below are some other things worth controling before entering or sgning an agreement:
What are the financial figures for the company
High turnover change in a short time
High turnover despite few employees
Low turnover over several years
Who represents the company?
Sure, it's good to control the company in question, but do you really know who you're doing business with? Checks on company representatives can potentially reveal information that will make you reluctant to carry out or cancel the contract.
Things like discrepancies in the stated signatory, versus what is officially registered, a very young/old board member can be potential warning bells. Below we have gathered additional information, worth checking:
Many board changes in a short time/incomplete board
Board involved in previous bankruptcies
The company has no auditor
Who controls the company other than the Board of Directors?
Explore related information
Streamline your business processes and reduce risk with real-time access to critical data.
Ready to get started?
Get in touch to learn about how Roaring can make your work-life easier.