Ronnie Kann and Trent Sandifur on Third-Party Monitoring

Society of Corporate Compliance and Ethics (SCCE)
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So much attention is paid to vetting third parties, it’s easy to forget that it is just the start of the process. Monitoring needs to be done on an ongoing basis as well.

Ronnie Kann, head of Global Ethics & Compliance at Energizer Holdings and Trent Sandifur, partner at Taft Law will be addressing that topic in their virtual session “What Does Third-Party Compliance Monitoring Look Like in Real Life?” at the 2021 SCCE Compliance & Ethics Institute. In this podcast they caution that it’s advisable to See more +

So much attention is paid to vetting third parties, it’s easy to forget that it is just the start of the process. Monitoring needs to be done on an ongoing basis as well.

Ronnie Kann, head of Global Ethics & Compliance at Energizer Holdings and Trent Sandifur, partner at Taft Law will be addressing that topic in their virtual session “What Does Third-Party Compliance Monitoring Look Like in Real Life?” at the 2021 SCCE Compliance & Ethics Institute. In this podcast they caution that it’s advisable to think of monitoring not as something separate but as a part of a larger third-party due diligence program.

That program includes:

* Keeping an eye on what’s going on with the third party

* Understanding what the risks are

* Thinking about how to monitor

* Making any improvements necessary to ensure the risk is effectively managed

How do you get the vendor on board for the monitoring process? They recommend beginning by ensuring that monitoring is included in the initial agreement. That helps both set and manage expectations. Also, work with the vendor to make sure that while getting the information you need you are not unnecessarily burdening them.

Be sure also to avoid overburdening your own business people, but, at the same, time, it’s essential that they recognize that they own the risk. This can help create a spirit of partnership that will help protect your organization and make the process go smoother.

Finally, they close the podcast with a discussion of what to think about as the pandemic ends and business starts catching up on all the due diligence that was done only partially when the pandemic made travel impossible. They recommend taking a risk-based approach to what you were unable to do.

Listen in to learn more, and be sure to join their session session “What Does Third-Party Compliance Monitoring Look Like in Real Life?” at the 2021 SCCE Compliance & Ethics Institute. See less -

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