Tyco's Seven Step Process for Third Party Qualification

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An article in the September, 2011 issue of Compliance Week, entitled, “How Tyco Turned Around Third-Party Risk Program” by author Karen Kroll, reported on the program initiated and developed by Tyco International, assisted by Navigant Consulting, to enable Tyco to develop and initiate a “comprehensive program to gain a better control over the activities of third parties.” This task seemed particularly daunting as Tyco initially identified over 66,000+ third party vendors and this group needed to be risk assessed to determine the high risk third parties which could be handled in the first pass.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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