Innovation in Compliance - Third-Party Management: A Risk-Based Approach - Part 2: Stephanie Font on Questionnaires and Due Diligence

Thomas Fox - Compliance Evangelist
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Welcome to a special 5-part podcast series sponsored by Diligent. Over this series, we will consider a risk-based approach to third-party risk management and visit with Michael Parker, the Director of Consulting and Advisory Services; Kairi Isse, Group Manager of Managed Services Group, Productions; Adam Bailey, Senior Vice President, Product Management and Alexander Cotoia, Regulatory Compliance Manager from the Volkov Law Group.

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Welcome to a special 5-part podcast series sponsored by Diligent. Over this series, we will consider a risk-based approach to third-party risk management and visit with Michael Parker, the Director of Consulting and Advisory Services; Kairi Isse, Group Manager of Managed Services Group, Productions; Adam Bailey, Senior Vice President, Product Management and Alexander Cotoia, Regulatory Compliance Manager from the Volkov Law Group.

In this Part 2, I visit with Stephanie Font, on the need for evaluation of potential third-party through questionnaires and determination of the necessary due diligence investigations to comply with regulations, while navigating using questionnaires to uncover the truth.

What is the importance of understanding regulations and risk factors when creating questionnaires to help with due diligence? Through understanding the risk model and what specific regulations the company needs to comply with, creating effective questionnaires to help with due diligence can become easier. Stephanie also found out that having a due diligence risk management system can automate some of the processes and help flag any potential risk factors. With the help of questionnaires and due diligence, Stephanie was able to learn how to effectively document and investigate potential third parties.

Key Highlights:

1. How questionnaires can be used to comply with regulations and inform a risk model.

2. How due diligence investigations can help to uncover risk factors in a potential third party.

3. How a third-party risk management system can automate parts of the process. 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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