31 Days to a More Effective Compliance Program - Distributors as business venture partners

Thomas Fox
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Many compliance practitioners generally view distributors as a part of their third-party risk management program, with most of their attention on the pre-contract phase of the risk management process. Typically, most of the efforts are spent on due diligence with less on managing the relationship after the contract is signed. However, many facets of a corporate relationship with a distributor are closer to those of other business venture See more +
Many compliance practitioners generally view distributors as a part of their third-party risk management program, with most of their attention on the pre-contract phase of the risk management process. Typically, most of the efforts are spent on due diligence with less on managing the relationship after the contract is signed. However, many facets of a corporate relationship with a distributor are closer to those of other business venture partners.

Three key takeaways:

1. The creation of well-thought out process which operationalizes your compliance program around distributor compensation, in a manner which documents your decision-making calculus is key.

2. Require multiple levels of approval for an out of range distributor discount.

3. Tracking distributor discounts globally makes your company more efficient. 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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