Tagged: Third Party Risk Management

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...

DOJ’s Compliance Program Evaluation: Risk Assessment, Policies and Procedures and Third-Party Risk Management (Part III of IV)

To design and implement an effective ethics and compliance program, companies have to conduct a risk assessment and tailor its policies and programs to its risk profile. DOJ’s Compliance Evaluation reinforces this framework for a compliance program. Risk Assessment At the outset, a company has adopt a specific methodology for its risk assessment, the types of information it will collect and analyze, and the metrics...

NAVEX Global Webinar: 2017 — An Evolving Landscape for Third Party Risk Management

Join us for this free webinar where we’ll discuss how a new administration and anticipated enforcement and regulatory changes will impact your third party due diligence programs. Register HERE Register to hear information on: Potential impacts of the Trump administration on compliance Changes to FCPA enforcement approaches Disgorgement trends Yates Memo impacts Upcoming regulatory changes Not only will we discuss what’s happening in the world...

Due Diligence Basics – Beneficial Ownership

I hate to be the harbinger of bad news; that is against my nature; I am naturally an optimistic person. As I always say, there are solutions to every problem. Many companies have responded to third party risks and built effective risk management programs. It is perhaps one of the most significant changes in the compliance landscape – third parties create significant risks and companies...

Lessons Learned from Embraer $205 Million FCPA Settlement (Part II of II)

The Embraer FCPA settlement action contains a number of important lessons learned and compliance reminders. In several significant respects, the Embraer case confirms in several areas why proactive compliance programs are important to prevent and detect possible bribery schemes. Given the length of the Embraer investigation, we can only hope that many compliance programs have moved beyond the deficiencies highlighted in the case.   Nonetheless, there...

DOJ and SEC Raising the Stakes on Third Party Risk Management

If you review the last ten years of FCPA enforcement, the unmistakable pattern is rising expectations with regard to corporate compliance programs, particularly with regard to third party due diligence and risk management. Over the course of numerous enforcement actions, DOJ and the SEC have reached the point now where they are questioning not just the conduct of due diligence but the quality of due...