The risks posed by third party relationships (vendors, suppliers, agents, distributors, resellers, etc.) are huge – and often unaddressed. Regulations continue to increase as businesses become more global, and more and more companies are looking to address the risks based on the guidance from regulation already in place. But how do you know you’ve found the right solution to address your biggest challenges?
It’s important to understand the biggest time expenditure in managing these relationships first. Is it doing a review at the time of onboarding to ensure that these third parties share a common philosophy with regard to bribery? Is it continuously monitoring for news related to the company to remain informed of adverse events?
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