National Governments
Public authorities in the European Union and the United Kingdom (Central Government, Ministries and Municipalities) are increasingly under a magnifying glass. On the one hand, they must make the difficult trade-off between public administration and the strict requirements placed today on the privacy of the people of the EU and the UK. On the other hand, you can see that the government is struggling to get a growing number of processes in order and to carry them out efficiently. Finally, the government is also constantly dealing with new (European) laws and directives, within a society that is an increasingly complicated and international in character.
Overview & Challenges
Overview and Challenges
It should be clear that the government needs to pull out all the stops to properly manage data and gain insights. For audits and investigations, she increasingly needs insights from financial statements and other business information. But a clear understanding of the structure and viability of companies is also essential to support the government's procurement activities. In addition, we recognize an ever-increasing professionalization of the national authorities in the monitoring of risks. Company data, such as Graydon's, are increasingly being added fully automatically to the already available information from the Central Government, ministries and municipalities. In this way, they get a broader picture of the financial risks and the continuity risks.
Some practical examples:
- Municipalities are responsible for policy-making within the social domain. In doing so, the municipality must take care of the financial expenditure. However, it is well known that there is a lot of undermining crime within this domain. It is therefore crucial for municipalities to correctly identify healthcare providers. Who is the UBO (Ultimate Beneficial Owner or ultimately interested party) behind a provider? What history does the provider have? What is the risk classification of the provider and what particularities stand out in its network?
- Thanks to the Bibob Act (NL), governing bodies have the right to investigate whether an applicant is reliable and honest. This places a responsibility on municipalities. Entrepreneurs will have to deal with the Bibob Act with specific permits, in public procurement and in certain applications for grants.
- Buyers and policy officers of the various Ministries and municipalities should be able to estimate the impact of COVID-19. Not only because of the viability of companies, but also to prevent fraud involving public funds.
Credit checks, analytics and UBOs
In recent years, Graydon has grown into a regular provider of information and insights for the Dutch and Belgian governments. At the end of 2020, Graydon entered into a unique agreement with the Dutch Government whereby it will be the permanent supplier for a period of four years for all credit checks, analyses and delivery of the UBO extracts. Whether it's the Department for Economic Affairs or the Financial Markets Authority, they'll all use Graydon's reliable information. These uniform checks for numerous insights from the business world are easily accessible online for all employees via the Graydon Insights platform.
