Third-Party Risk

News & Analysis as of

Third-Party Due Diligence Checklist

A critical component to any anti-corruption program is third party due diligence. Our Third-Party Due Diligence Checklist, part of The Network's Third-Party Risk Solution, provides a template for gathering critical...more

Yeah, I know, Everyone does it

I was never part of the in crowd. Look at my picture, could I ever be in the “in crowd”? I’m always the odd one out, that’s why I dressed up as the Rodney Dangerfield character, Al Czervik from Caddyshack on Halloween. While...more

Anti-Bribery and Corruption Compliance Practices

Compliance Week published its 2014 Anti-Bribery and Corruption Benchmarking Report, a survey of over 180 executives involved in ethics and FCPA compliance and internal audit. The Survey focused on risk, dealing with third...more

12 Tips for an Effective Due Diligence Program for Third Parties

In an evolving global economy, expanding business opportunities often lead to more complex supply channels and business relationships that can increase corruption risks and burden efforts to comply with the applicable laws...more

The UDAAP Trap: How Financial Institutions can Avoid Penalties when Using Third Party Services

In Part 1, we noted that financial institutions could find themselves potentially liable for committing an alleged Unfair, Deceptive, or Abusive Act or Practice (UDAAP) as a result of the actions of certain types of external...more

Employment Law Update - Danger Ahead: Employer Liability For Third-Party Harassment

On April 29, 2014, the Fourth Circuit Court of Appeals held that employers can be liable for third-party harassment under a negligence standard. In doing so, the court joined other circuits in establishing that employers can...more

Poland Supreme Court Decision Regarding Representation of a Limited Liability Company

On April 24, 2014 the Supreme Court issued a decision resolving an unsettled issue with respect to the representation of a limited liability company: whether the grant of a power of attorney by the management board of a...more

Fourth Circuit Holds Employer Liable for Third-Party Racial and Sexual Harassment

In its first published opinion on the topic, the U.S. Court of Appeals for the Fourth Circuit ruled last month in Freeman v. Dal-Tile Corp. that an employer is liable for harassment by a third party when the employer knows or...more

Fourth Circuit Affirms Employers' Obligation to Respond to Harassment by Third Parties

In an unpublished decision issued in 2011, the Fourth Circuit Court of Appeals (which includes North and South Carolina) concurred with other federal appellate circuits in concluding that employers are responsible for sexual...more

Additional SEC Guidance on Social Media: Division of Investment Management Q&As and Division of Corporation Finance C&DIs

The Division of Investment Management of the Securities and Exchange Commission (“SEC”) recently released IM Guidance Update No. 2014-4 to clarify the practical application of the testimonial rule for third-party commentary...more

Limited Partners Held Personally Liable for Debts of Limited Partnership Where Limited Partnership Was Insolvent

In a case that demonstrates the danger of relying on complex corporate structures to avoid personal liability, a California Court of Appeal recently held two limited partners personally liable for the debts of their limited...more

SEC Issues FAQs on Rule 15c3-5 for Broker Dealers with Market Access

On April 15, the Securities and Exchange Commission’s Division of Trading and Markets issued guidance in the form of 19 frequently asked questions (FAQs) on Rule 15c3-5 of the Securities Exchange Act of 1934 (Exchange Act),...more

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

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