Managing Real-World Third Party Risk: The Red Flags You Don’t See
He bribed. He was caught. He served his time. In this whitepaper, Richard Bistrong provides a ‘from the trenches’ viewpoint and his insights on managing real world third party risk. He also highlights the important elements of third party risk that are at present some of the greatest challenges to compliance, audit and investigatory teams. Full synopsis
Close the gap between compliance processes and front-line exposure
In today’s compliance environment, there are a plethora of providers that offer a multitude of automated platforms for delivering a process driven approach to the challenge of third party management, including ‘self-assessments’ and ‘risk mapping.’ While these services might be considered as essential, especially given the magnitude and complexity of a multinational’s third party network, are they enough on their own? Will they identify the real-world third party-risks that an organisation might face, which if left unchecked, could cause substantial financial and reputation damage to a company?
Areas of analysis include:
- Six third party risk elements that are often left unchecked by compliance, audit and investigatory teams
- Best practices in mitigating third party risk
- Considerations that organisations should take note of when conducting due diligence