Third-Party Risk

News & Analysis as of

Panama Papers Scandal Puts Third Party Risk in Focus

The Panama Papers scandal should serve as a wake-up call for every organization—and it should prompt compliance officers to closely scrutinize the third party vendors they do business with. ...more

Top 10 Financial Institution Considerations for 2016: #6 – Vendor Risk Management

In our initial article announcing our top 10 considerations for financial institutions in 2016, our sixth consideration was vendor risk management in 2016. Third party (vendor) risk management has consistently been among the...more

Vendor management high on the risk management to do list

A new Ponemon study emphasizes the risk of third party vendors which have access to company data. According to the survey “Data Risk in the Third Party Ecosystem,” companies are concerned about their third party vendors, but...more

Cuba: A Playing Field for Trademark Pirates

Now that President Obama has lifted trade restrictions, American businesses are considering whether to expand their operations to Cuba. For some corporations, it makes immediate sense. For others, it may not. But regardless...more

Sensor system technology to track a driver’s every move

A new, proprietary sensor system technology has arrived on the market that can track drivers using cameras and sensors, including whether the driver is speeding or turning without signaling, or even data such as the driver’s...more

Checking In on “The Year of Third-Party Due Diligence”

Hui Chen, the Department of Justice’s Compliance Counsel, recently stated that 2015 was the year of due diligence and third-party compliance. A recent survey conducted by Kroll and Ethisphere provided a status check on how...more

Key Findings from NAVEX Global's Third Party Risk Management Benchmark Report

Vendor risk management and, in particular, third party risk management has become one of the toughest issues companies face—especially after a string of high-profile compliance failures in recent years. The majority of...more

FDIC Developing Guidance on Risks For Banks Lending Through Third Parties

New guidance being developed by the Federal Deposit Insurance Corporation (FDIC) to address risks associated with banks making loans through third parties could significantly impact marketplace lending, private label credit...more

Prog Rock Week – Part VI: Bohemian Rhapsody and Compliance Week 2016

Today I conclude my celebration of progressive rock by looking at the greatest prog rock single of all-time, which, of course, is Queen’s Bohemian Rhapsody, written by Freddie Mercury. It was written for the band’s 1975...more

Our Global Privacy Officer Answers Data Privacy FAQs

Every company in the world stores data—and much of it is personal information about customers, employees, vendors and other stakeholders. Regardless of size, industry or location, these organizations are obligated to follow a...more

Full Disclosure: An Overview of Global Supply Chain Regulations

You may have read our recent client alert on the UK Modern Slavery Act and Global Supply Chain Transparency, where we highlighted the extraterritorial safeguards against human trafficking and slavery as well as the...more

2015 Ethics & Compliance Third Party Risk Management Benchmark Report

Organizations are still coming to terms with the breadth and depth of their third party risk. An effective third party risk management program is in the interest of all organization —regardless of their size, industry, and...more

2016 Trends #8: Getting Serious About Anti-Bribery & Corruption Efforts and Third-Party Risk Management

By now, most organizations understand the importance of identifying and addressing any exposure they have to violations of anti-corruption and bribery (ABC) laws. Much attention has been given to recent cases, and to...more

FDIC Dips Its Toes Into Marketplace Lending

Why it matters - In the Winter 2015 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the agency provided an overview of the marketplace lending model, "a small but growing component of...more

The importance of clear drafting Larkfleet Ltd v Allison Homes Eastern Ltd [2016]

In the recent case of Larkfleet Ltd v Allison Homes Eastern Ltd [2016] EWHC 195 (TCC) (05 February 2016), the court tackled the question once again of whether a building contract had clearly imposed an express limitation...more

Know Your Vendors: The Importance of Comprehensive Risk Assessment Programs

As companies continue to explore new outsourcing and cloud services models in search of improved cost and productivity efficiencies, service providers are being asked to handle increasingly sensitive types of data. However,...more

What GCs Need to Know About HR Technology

Imagine that your General Counsel asks you for a very brief overview of what she needs to know - and worry about - related to HR technology and HR data management. If your GC is like most we know, she has way too much on her...more

WEBINAR: Cloud Computing & Health Care Organizations - Critical Privacy & Security Issues

More and more organizations are turning to the cloud because of how flexible and low-cost it is. As a result, many health care organizations are now using cloud-based servers to store patient information and are discovering...more

U.K. Procurement Managers to Vendors: Take Cyber Security Seriously or You’re Out

The headlines about massive cyber-security breaches just keep coming these days. Corporate giants Vodaphone, Home Depot, Talk Talk and JP Morgan Chase have all been hacked—to and they're far from the only ones.. But the...more

Third Party Service Providers Remain in the Spotlight

Yesterday, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (the “Semiannual Risk Perspective”). The Semiannual Risk Perspective covers “key issues facing banks, focusing on those...more

When A Customer Harasses Your Employee – What Should You Do?

As an employer, what do you do when one of your employees reports being sexually harassed by a vendor? Easy, right? You call the vendor’s boss and say, “If you want to continue doing business with us, then you will not...more

Advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations

On November 6, 2015, the Federal Deposit Insurance Corporation issued an Advisory (the “Updated Advisory”) (FIL-49-2-15) to update information contained in the FDIC Advisory on Effective Credit Risk Management Practices for...more

Privacy & Data Security Advisory: It’s Not Just Europe: Why 2016 Cloud Vendor Management Programs Should Address Evolving Global...

2015 has seen landmark changes in privacy and cybersecurity laws and regulatory best practices. These developments have had a direct impact on cloud vendors. For example, evolving judicial and regulatory interpretations of...more

Purchased Loans From Alternative Lenders Should Be Accorded the Same Risk Analysis as Originated Loans, FDIC Reminds Banks

Why it matters - In a new advisory, the Federal Deposit Insurance Corporation (FDIC) provided a reminder to all covered entities of the importance of underwriting and administering purchased loans and loan participations...more

Due Diligence and Beyond — Balancing Competing Priorities

DOJ’s compliance counsel, Hui Chen, pronounced this year as the compliance year of third party due diligence. This has been a good year for compliance but I would not characterize this year as limited to third party due...more

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