31 Days to a More Effective Compliance Program-Day 16 | The third-party risk management process

Thomas Fox
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The DOJ expects an integrated approach that is operationalized throughout the company. This means you must have a process for the full life cycle of third-party risk management. There are five steps in the life cycle of third-party risk management, which will fulfill the DOJ requirements as laid out in the 2012 FCPA Guidance and in the Ten Hallmarks of an Effective Compliance Program.

Three key See more +

The DOJ expects an integrated approach that is operationalized throughout the company. This means you must have a process for the full life cycle of third-party risk management. There are five steps in the life cycle of third-party risk management, which will fulfill the DOJ requirements as laid out in the 2012 FCPA Guidance and in the Ten Hallmarks of an Effective Compliance Program.

Three key takeaways:

1. Use the full 5-step process for third party management.

2. Make sure you have business development involvement and buy-in.

3. Operationalize all steps going forward by including business unit representatives.

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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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