31 Days to a More Effective Compliance Program - Due diligence

Thomas Fox
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Most companies fully understand the need to comply with the requirements around third-parties as they represent the greatest risks for bribery and corruption. However, most companies are not created out of new cloth but are ongoing enterprises with a fully up and running business in place. This means they may need to bring resources to bear to do so while continuing operating an ongoing business. This can be particularly true in the area of performing due diligence on third-parties. Many companies understand the need for a robust due See more +
Most companies fully understand the need to comply with the requirements around third-parties as they represent the greatest risks for bribery and corruption. However, most companies are not created out of new cloth but are ongoing enterprises with a fully up and running business in place. This means they may need to bring resources to bear to do so while continuing operating an ongoing business. This can be particularly true in the area of performing due diligence on third-parties. Many companies understand the need for a robust due diligence program to investigate third-parties but have struggled with how to create an inventory to define the basis of third-party risk and, thereby, perform the requisite due diligence required.

Three key takeaways:

Risk rank your third-parties and use this as a basis to begin with an adequate level of due diligence.

Any red flags which appear must be cleared and there must be documented evidence of such clearance.

There must be documented evidence of review of the due diligence. See less -

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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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