Tagged: Third Party Risk Management

The Importance of a High-Risk Due Diligence Committee

Believe it or not, but companies are still struggling with third-party risk management systems.  I know this sounds hyper-critical but many companies continue to hang onto paper due diligence systems (sometimes with or without a SharePoint platform to store third-party due diligence documentation).  An even smaller percentage of companies are automating their due diligence programs, a basic requirement for all companies with a minimum number...

Episode 29 — Building Blocks for an Effective Due Diligence Program (Part II of III)

Companies continue to face significant risks from their third parties.  In response, companies are implementing sophisticated due diligence and third party risk management systems.  FCPA enforcement risks are only one of several risks created by a company’s third parties.  Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks. In this three-part series,...

Episode 28 — Due Diligence and Third Party Risk Management (Part I of III)

Companies continue to face significant risks from their third parties.  In response, companies are implementing sophisticated due diligence and third party risk management systems.  FCPA enforcement risks are only one of several risks created by a company’s third parties.  Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks. In this three-part series,...

Three Important Points to Remember About Third-Party Risks

If you want to learn and read about managing third-party risks, you will have no trouble finding articles, white papers, webinars and more available to you on the Internet.  And for good reason. Third-parties create significant risks, and these risks are not just limited to bribery but extend into sanctions, money laundering, privacy and cybersecurity, human trafficking, child labor and reputational damage.  The compliance marketplace...

Sponsored Product Update: NAVEX Global’s RiskRate 6.0

I am excited to announce a recent product development launch for our sponsor, NAVEX Global, an innovative leader in the ethics and compliance field.  We are proud to work with NAVEX Global, a company that works hard to create products that deliver practical solutions for ethics and compliance professionals. Although third-party risk management is a top  concern for many organizations, it is common to hear that...

Third Party Risk Management: Require ISO 37001 Certification from Your Third Parties

Lauren Connell, Managing Associate at The Volkov Law Group, rejoins us for a posting about ISO 37001 certification for your third parties.  Lauren can be reached at lconnell@volkovlaw.com. A lot of the focus on ISO 37001 so far has been on its value for companies considering certification as evidence of the quality of their own compliance program. With the SEC and DOJ both providing ample...

Watch Exiger Webinar Replay “How AI is Transforming Third Party Risk Management”

I was pleased to participate in a live webinar with Exiger on artificial intelligence and third party risk management.  Watch the 60 minute webinar replay — here. The growing complexity of third party relationships and the immediate regulatory and reputational risks of those third parties has procurement teams, compliance officers and legal departments wondering what to do. When and how should they do due diligence?...

The Challenge of Auditing and Monitoring Your Distributors

Whether you are in the high-tech industry and managing your channel partners (i.e. third-party distribution network), the pharmaceutical and medical device industry managing a complex network of distributors and sub-distributors, or any other industry relying on third-party distributors, chief compliance officers face a number of challenges managing and mitigating risks. To state the obvious, a company relying on distributors, by definition, has less control over...

Welcome to New Sponsor: Exiger, a Global Governance, Risk and Compliance Leader

I am proud to announce a new sponsor, Exiger, a well-known leader in governance, risk management and compliance services. Exiger assists organizations worldwide with practical advice and technology solutions to prevent compliance breaches, respond to risk, remediate major issues and monitor ongoing business activities. Exiger’s unique blend of industry expertise in financial crime compliance, diligence, and investigations uniquely positions Exiger to help organizations with actionable...