Third Party and Vendor Risk Management from Global Compliance

Our Best Practice approach to managing your third party compliance

There is an increasingly fine line between a company and its third party vendors and partners. Perception is reality – and the reality is that corruption and other illegal business activities by vendors are becoming increasingly costly for organizations. Governments around the globe are expanding their focus on regulating corruption and are now demanding that organizations monitor and take responsibility for the actions of their third party partners. Examples include FCPA, SOX, HIPAA and the more recent UK Bribery Act - introducing the strict liability offense for commercial organizations of failing to prevent bribes paid by any person associated with their business, even if they didn’t know about or authorize the bribe. Global Compliance expects this trend in regulatory change will continue.

Most businesses are unprepared for third party compliance – and at high risk

Businesses are unprepared – and not ready to reduce their risk using third party and vendor compliance programs. Over 80% of organizations do not have a third party Code of Conduct and very few even distribute their existing employee Code of Conduct to set expectations of proper ethics and compliance behavior. (Source: SCCE) Even companies who have implemented third party risk management programs are falling short – relying on manual processes that do not scale, are difficult to audit and lack the ability to enable market comparisons for benchmarking.

Introducing:
The Complete Third Party Ethics and Compliance Risk Solution

Risk reduction powered by data-driven insight and oversight

AT A GLANCE

Third Parties include Agents, Consultants, Distributors, Intermediaries, JV Partners, Resellers, Trading Partners, Vendors and other Suppliers for your organization.
Expert Advisory best practice design for risk management steps; built to address relevant laws and regulations including the U.S. Federal Sentencing Guidelines, The U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act’s current “adequate procedures” recommendations, as well as those encouraged by OECD guidance for global organizations to combat bribery.
Flexible work-flow based Software-as-a-Service (SaaS) platform that can be customized for your organization's unique risk profile
Complete solution includes data driven modeling and insight for third party Pre-Screening, Vendor Due Diligence, Risk Assessment, Risk Mitigation and Ongoing Oversight and Monitoring.
Risk screen reports address financial, regulatory, reputational and governance risk - uncovering prior issues, as well as forward looking risk potential. Includes over 350 global watch and sanctions lists to address AML, KYC, PEP, CFT, OFAC, CISADA - and many other critical risk filters.
Ongoing interaction, monitoring and training includes the ability of a third party and vendor to report acts of corruption, fraud and other risk management related activities via the industry’s leading whistleblower hotline solution – and train and certify on anti-corruption and bribery where there are obvious points of failure.

A SaaS-based portal for centralized third party monitoring
and management

One site for the insight you need to minimize your third party risk. Now you’ll be able to:

Assess organizational exposure to third party risk
Create third party risk methodology and action steps to address current vendor due diligence shortfalls

Cleanse your third party file to eliminate redundancy
Establish baseline information for all third parties

Pre-screen all records against comprehensive global risk databases
Assign initial pre-screen score for tiered assessments

Higher risk third parties register through a “Third Party
Risk Portal”
Incorporate an ethics and compliance program review for
high risk third parties using Portal workflow
Higher risk registrants trigger detailed anti-corruption and bribery assessments

Address findings from ethics and compliance program review and/or anti-corruption/bribery assessments
Institute compliance programs to manage individual third
party risks

Re-screen periodically to identify changes in third party risk
Monitor daily media and other source databases

Global risk demands a global solution

The UK Bribery Act demands a best practice solution that goes beyond simple vendor due diligence for third party partners

The good news is that a company can mitigate third party risk if it has in place “adequate procedures” to prevent bribery occurring. The Global Compliance Third Party Risk Solution uses a comprehensive approach to help you coordinate your vendor risk management with the UK Bribery Act. Contact a Global Compliance representative to learn more about how our Third Party Risk solution can help you navigate the UK Bribery Act and other relevant international regulations.

QUESTIONS?

Have a Global Compliance Representative contact you directly to discuss how Global Compliance can partner with you to minimize your Third Party Risk
Call 1-800-876-5998 to speak with a Global Compliance Representative

Most organizations are unprepared to reduce their third party compliance risk:

What is a Third Party? Includes Agents, Consultants, Distributors, Intermediaries, JV Partners, Resellers, Trading Partners, Vendors and other Suppliers.
83% of organizations do not have a third party code of conduct
74% of organizations do not require third parties to certify to their internal employee code of conduct
And the majority does not even disseminate their existing internal employee Code of Conduct to third parties to set expectations of their ethics and compliance program. (Source SCCE)

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