Vendor Management is one of the most critical aspects of a successful and sustainable business. Companies rely on trusted advisors and service providers to sustain daily operations and deliver a high-quality product. Vendors are granted special access to and influence over the processes and procedures that are the lifeblood of an organization. Given this reliance, companies can be exposed to catastrophic risks when vendors fail to operate with integrity or communicate with transparency. Vendor managers must be thorough in their diligence efforts and remain vigilant over the course of each vendor relationship. However, access to information can be limited and time and resources are often stretched thin, particularly for large corporations with thousands of vendors to monitor.
With Lumina’s Vetting Solutions, Vendor Managers can continuously correlate their vendors against Lumina’s risk identification Databases for ongoing due diligence and vendor risk management. Lumina provides access to the following Databases for prospective vendor due diligence and continuous vendor monitoring:
Lumina’s Debarment & Exclusion (“D&E”) Database, which includes 136 debarment, exclusion, and sanctions lists, issued at the state, federal, and international levels.
Lumina’s Labor & Employment (“L&E”) Claims Database, which includes data for over 200,000 cases related to discrimination, retaliation, wrongful termination, sexual harassment, workplace violence, wage & hour, workers’ compensation, and other L&E claims. The Database includes data related to the Plaintiffs, Defendants, Attorneys, and allegations for each case.
Lumina’s Qui Tam/ False Claims Act (“QT/FCA”) Database, which includes case data for every QT/FCA case ever filed as well as predictive and forensic QT/FCA litigation trend analysis. The Database includes data related to the Plaintiffs, Defendants, Attorneys, and allegations for each case. The QT/FCA Database is designed to identify and prevent fraud and QT/FCA liability within client organizations.
Lumina’s Anti-Bribery, Anti-Corruption (“ABAC”) Database, which includes case data for every case ever filed under the Foreign Corrupt Practices Act (“FCPA”) or U.K. Bribery Act of 2010. This Database includes Defendants, Plaintiffs, Attorneys, allegations, and verdicts for each case.
Lumina’s Politically Exposed Persons (“PEP”) Database, which includes intelligence on Politically Exposed Persons and PEP affiliates from 243 countries and territories across the globe;
Lumina’s Security Database, which is devoted to identifying individuals and entities, affiliated with, engaged with, or otherwise connected to violent crime and international money laundering.
Lumina’s Sexual Offenders (“SOFF”) Database, which includes sexual offender registries for all fifty states as well as all U.S. territories and Native American tribes.
These databases are updated continuously and in real time, ensuring the best possible risk mitigation. You can correlate the names of current vendors against the Vendor Vetting Suite for a full assessment of vendor risk across your network. You can also correlate the names of prospective vendors for a quick determination of the degree and kinds of risk a prospective vendor will bring to your organization. Lumina clients receive real time alerts as risk is identified for fast, targeted action. Furthermore, Lumina will work directly with your vendors, providing reporting to vendor representatives as soon as risk is identified. If desired, vendors can cover the cost of Lumina correlation services as part of their vendor agreement with your organization. With Lumina’s vendor vetting and intelligence reporting, clients gain a comprehensive view of the risk within their vendor network.
Lumina’s Vendor Vetting Databases amass all publicly-available data related to each focal area of risk, ensuring the best possible risk mitigation.
Lumina’s Vendor Vetting suite updates in real time, providing clients with the most relevant and timely information.
Lumina Correlation Reports and Ecosystem Intelligence Reports provide detailed profiles of individuals and entities flagged within Lumina’s risk identification Databases. Furthermore, reports provide relationship maps for enhanced understanding of how flagged organizations and individuals are connected to and involved in your organization.
Protect your sensitive data. Lumina asks that you simply provide the names of your vendors. Our machine learning algorithms will not only check for the names submitted, but will further screen for nicknames and other possible name variations among the individuals and entities present within our Vendor Vetting suite. Our Artificial Intelligence and trained Intelligence Analysts will process results without the need for social security numbers, addresses, or other sensitive data points.
Run the names of individuals and entities within your vendor network against all Vendor Vetting Databases or scale your selection up or down depending on your organization’s needs and operations. It’s a quick and simple process.
All Lumina reports are drafted in compliance with the Fair Credit Reporting Act (“FCRA”).
All Lumina reports and correlation results will be archived in your secure Lumina24/7 client portal. Our data dashboards and reports allow for easy risk monitoring and provide you with actionable intelligence for enhanced company-wide risk management. Lumina24/7 is a fully auditable platform that tracks every step of analysis from the moment a vendor name enters the system.
Lumina can run names through its Vendor Vetting suite continuously, ensuring no risk goes unnoticed as new data is integrated daily. Lumina will issue real time alerts as risk is identified. Alternatively, you can choose to run correlations annually, quarterly, monthly, weekly, daily, or on an ad hoc basis, depending on your preference or need.
If preferred, Lumina clients can push screening costs to vendors. Lumina will work directly with your vendors to gather relevant names for correlation and will issue reporting to you and to your vendors.
“Before working with Lumina, we struggled to maintain a system for monitoring our vendor relationships. Now, we don’t have to worry about what we might be missing.”
“Lumina has fully streamlined our vendor due diligence process. We’ve cut our vendor selection time by 50% since we started their service.”