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Tcertification: Is third-party certification a gray area? Let’s set the record straight.
While due diligence is standard practice, third-party certification is often misunderstood. What does it truly involve? Can any certification be trusted?
Since 2012, Tcertification has transformed the due diligence landscape, enabling companies to shift screening costs to third parties while ensuring robust, independent reviews. Here, we debunk five common myths about Tcertification.
Myth #1: Tcertification relies solely on third-party questionnaire responses.
Myth #2: It’s difficult to get third parties to pay for Tcertification.
✔️ Over 50% of Tcertification customers require third parties to cover their initial review, and 70% mandate payment for annual renewals. Customers save an average of $54,000 annually, while third parties benefit from a recognized certification that enhances their credibility.
Myth #3: Tcertification takes too long to complete.
✔️ The average turnaround is just 21 days. While timing depends on third-party cooperation, most reports are completed within three weeks.
Myth #4: Tcertification is only an anti-bribery due diligence review.
✔️ Originally designed for bribery risk, Tcertification has evolved to address broader compliance risks, adapting to regulatory changes and customer needs. For example, cartel-linked supply chain risks will soon be incorporated into the compliance questionnaire.
Myth #5: Tcertified entities have no red flags.
