A key question about third-party due diligence: how much is needed, how much is enough? In a recent Walden Pond podcast, Taylor Twinning, Director of Sales at ethiXbase, joined VInce Walden of Alvarex & Marsal to discuss how companies are taking a risk-based approach to managing their third parties.
In the discussion, Taylor shared his knowledge on conducting third-party due diligence at various levels ranging from sanctions screening to Enhanced Due Diligence, and when each scope is considered sufficient. The podcast also touched upon the recent trend for companies to utilise automated and configurable due diligence questionnaires as a critical tool for assessing third-party risk, along with other valuable recommendations for compliance officers.
The overall message to listeners is that leveraging technology and automation for third-party risk management is the key to implementing and maintaining a sustainable programme.
Listen to the podcast here: