An effective third-party risk management program has to include robust monitoring and auditing strategies. This episode is a companion to Episode 129 on creating a third-party risk profile. In this episode, Michael Volkov outlines strategies for monitoring and auditing your third-party population.
February 18, 2020 1 PM EST/10 AM PST Sign Up HERE A comprehensive third party risk management program integrates with ethics and compliance activities across the enterprise to provide an accurate and actionable view of risk exposure. Implementing a holistic approach to due diligence extends beyond third party screening and monitoring. Effective risk management programs integrate with risk profiles across the organization, breaking down silos...
Wednesday, December 18, 2019 12 NOON EST Sign Up Here As more companies implement automated solutions to manage their third-parties, compliance officers face a growing list of new challenges to managing third-party risk. The Justice Department and the Department of Treasury (OFAC) have elevated the importance of managing anti-corruption and sanctions risks by issuing compliance program guidance. As part of this new set of expectations,...
Listen to Episode 105 HERE. Bill Hauserman and Ted Datta from Bureau van Dijk, a Moody’s Analytics Company, join us for an interesting discussion on third-party risk management, issues surrounding beneficial ownership, trends in the industry and the importance of validating ownership and data quality. Bill and Ted explain their interesting perspective on third-party risk challenges, regulator expectations and a fascinating view from the global...
Compliance professionals are implementing their own monitoring and auditing strategies. Internal audit does not have the resources nor the time to assume responsibility for this function. If possible, internal audit may support, advise and assist in the monitoring and auditing functions. Frankly, a partnership between compliance and internal audit in this area is ideal but compliance cannot wait for internal audit to join the mission. ...
We are living in rapidly changing times. I know it sounds trite but it is amazing when you witness rapid innovation and change. Even in our narrow corner of life involving ethics and compliance, we can see change occurring right before our eyes. When you review due diligence and third-party risk management, there has certainly been significant advances in capabilities to identify risks, uncover relevant...
What are the new best practices for third-party risk management? Join Michael Volkov, CEO of The Volkov Law Group; Bill Hauserman, Senior Director, Compliance Solutions, Bureau van Dijk, a Moody’s Analytics Company; and Ted Datta, Director, Governance, Risk and Compliance Solutions, Bureau van Dijk, for a live webinar on Thursday May 16, 2019, at 11 am EST/4 pm BST. Please sign up HERE. New anti-corruption...
Webinar: Best Practices for Vendor Risk Profiling February 6, 2019, 10 AM PST/1 PM EST Sign Up HERE Third-party vendors expose your organization to risk. How you manage your vendors—from onboarding, to identifying and scoring risk, to ongoing monitoring—has a huge impact on your business. Multi-factor modeling and risk profiling is crucial to minimizing your risk and staying ahead of regulators and third-party-related reputational damage. But how do you...
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...
I am pleased to announce the release by NAVEX Global of a new white paper that I authored — How to Develop the Business Case for a Third-Party Risk Management System. Download the white paper HERE. This comprehensive white paper helps you make an educated case to senior management and your board to budget for an automated system. You’ll also learn how to set up...
