Third-Party Risk

News & Analysis as of

Cayman Islands: Contracts (RIghts of Third Parties) BIll 2014

Cayman’s Parliament is expected to enact a new Law that will give third parties who are conferred benefits under a contract, but who are not a party to it, the right to enforce the contract’s terms for their own purposes. ...more

Life Cycle Management Of Third Parties – Step 4 – The Contract

This post continues to outline what I believe are the five steps in the life cycle of third party management. Today I will look at Step 4, the contract. However, before we get to the contracting stage a word about what to do...more

Life Cycle Of Third Party Management – Step 3 – Due Diligence

Most companies fully understand the need to comply with the Foreign Corrupt Practices Act (FCPA) Act regarding third parties as they represent the greatest risks for an FCPA violation. However most companies are not created...more

Illinois Court Holds Services Performed By Sub for Parent Comes Within E&O Policy

In its recent decision in Hilco Trading LLC v. Liberty Surplus Ins. Co., 2014 Ill. App. LEXIS (Ill. 1s Mar. 17, 2014), the Appellate Court of Illinois for had occasion to consider whether appraisals and evaluations prepared...more

Growing Challenge: Managing Third Parties within the Banking Industry

The challenge of managing third party relationships has expanded within the banking industry. In guidance issued last year by the Office of the Comptroller of the Currency (OCC), the scope of such relations has grown to...more

Forward-Publishing Your Patents? Be Sure Your Portfolio Can Withstand Early Third Party Attacks

Forward-publication of patent applications can effectively give third party submitters the ability to make a submission against your application months in advance of publication by the USPTO....more

Legal Alert: My Brother’s TCPA Keeper? Recent Cases Highlight Third-Party Risk Under the Telephone Consumer Protection Act

Early 2014 has produced a series of court decisions highlighting third-party liability issues under the Telephone Consumer Protection Act (TCPA). In February, the U.S. Supreme Court declined to hear a case about liability for...more

FDR’s Fireside Chat And Risk Ranking Of Third Parties Under The FCPA

On this date in 1933, just eight days after he was inaugurated, President Franklin Roosevelt (FDR) gave his first Fireside Chat to the American public. FDR began his chat by stating, “I want to talk for a few minutes with the...more

Pillsbury Bloggers in the News: 8 Tips to Deal With Liability When Outsourcing to Multiple IT Vendors

Mario Dottori is quoted in Stephanie Overby's recent CIO.com article discussing 8 Tips to Deal With Liability When Outsourcing to Multiple IT Vendors. "In theory, a multi-provider service delivery environment should...more

Alfred The Great, GE And The Management Of Third Party Risk

I am currently studying Medieval England including the reign of Alfred the Great. As you might expect with someone monikered as ‘The Great’ he is certainly considered right up there with the greatest Kings of England. Not...more

Study: Companies Often Don't Perform Due Diligence on Third-Party Agents

Third parties create a wide array of corruption risks for companies operating in the modern business environment. As a result, it is imperative for a company to learn as much as possible about all agents, consultants,...more

CPSC Holding Third Party Testing Exemptions Workshop

The CPSC is voting soon on whether to hold a workshop to discuss potential ways to reduce third party testing costs through additional “determinations” that certain products or materials do not require third party testing....more

Nixon Goes To China And Management Of Third Party Relationships

Today we honor one of the greatest diplomatic initiatives that occurred in my lifetime, Nixon’s trip to China; where he arrived on this date in 1972. Like most Americans I was caught completely unaware that Nixon was planning...more

"Outsourcing by Financial Services Companies: Impact of the OCC and FRB Guidelines"

Outsourcing has become a critical component of financial institutions’ management of their business operations and control of their costs. In addition, institutions are outsourcing increasingly complex and sensitive banking...more

Court Spares Third-Party Service Providers from Contributory Trademark Infringement

Trademark owners frustrated by cybersquatting will not be able to sue third-party service providers for contributory infringement, according to a new decision by the United States Ninth Circuit Court of Appeals. In its...more

DOJ lawsuit sends warning to banks dealing with online payday lenders, third-party payment processors, other targeted companies

Last month, the CFPB filed its first lawsuit against companies involved in online payday lending. The lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans...more

Another Bestseller: The SEC’s Examination Priorities for 2014

Following closely on the heels of FINRA’s publication of its examination priorities for 2014 (see our recent client alert), OCIE’s National Exam Program (NEP) released a summary of its 2014 priorities. OCIE’s priorities...more

Utah Court of Appeals Limits Third-Party Beneficiary Contract Claims Against Appraisers, but Recognizes Tort Based Third-Party...

In Lilley v. JPMorgan Chase, et al, 748 UT Adv. Rpt. 48, 213 Utah App. 285, Nov. 20, 2013, the Utah Court of Appeals affirmed an order of the District Court dismissing the Plaintiffs’ breach of contract action against an...more

Guilt by Affiliation: A Recent Court Decision that Every Government Contractor Should Consider

One of the many business strategies to win more government contracts is to “team” with other companies that provide specific specialties or qualify for socio-economic benefits. Sometimes, these partnerships are formal through...more

2014 Trends: #1 Third party risk – still the ethics and compliance ‘Achilles heel’

As we embark on 2014, we’ve pulled together key ethics and compliance industry trends with an eye towards planning for the year ahead. To help, we’ve asked industry experts, our colleagues at NAVEX Global and ethics...more

For Executives, This May Have Been The Most Frightening Holding Of 2013

Recently, I wrote about the Court of Appeal’s holding in Asahi Kasei Pharma Corp. v. Actelion Ltd., 2013 Cal. App. LEXIS 1017 (Cal. App. 1st Dist. Dec. 18, 2013). Because it was the holidays, I’m not sure that the case...more

CFPB extends diversity standards proposal comment period

The CFPB has extended the period for filing comments on its proposed policy statement establishing standards for assessing the diversity policies and practices of regulated entities relating to employment and contracting with...more

Key Trends, Issues and Best Practices in Compliance 2013

NAVEX Global services the largest ethics and compliance community in the world. This survey is one example of our commitment to identify and communicate key trends and issues critical to business success. This independently...more

The NAVEX Global Top 10

With 2013 coming to an end, we've gone the extra mile to compile the 10 most valuable resources from the past year. There's something here for all types of ethics and compliance professionals - we hope you enjoy the issue!...more

FRB Issues Guidance on Managing Risks from the Use of Third Party Service Providers

The FRB issued guidance on managing outsourcing risks (the “Guidance”), intended to highlight the potential risks arising from the use of third-party service providers, describe the components of an appropriate service...more

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