Feb 29, 2016
Monitoring your third parties such as suppliers and distributors on a regular basis is essential to detecting new risks and changes that could increase your risk exposure. Often, companies will only conduct due diligence and formal compliance checks when a new partnership is established or first contract is signed. However, companies need to be regularly checking up on their third parties.
We cover the practice and importance of continuously monitoring due diligence on your third parties:
- Does your company have an effective programme to continuously conduct and monitor Due Diligence on third parties?
- How often should a company run a background check on your third parties?
- How to understand the result of due diligence and compliance checks to make sense of the reporting findings?
- How to cope with the necessity of conducting ongoing monitoring in the face of reduced budget and headcount?
- What type of information should be looked and how this differs by the type of third party, country and work that is being done?