0
July 2013
Third Party Risk Management:
What to Ask When Assessing a
Vendor Solution
Compliance Risk Landscape
Third Party Risk Management
Third Party Risk: A Complex Network of Relationships
Source: Compliance and Ethics Leadership Council
SUPPLIERS IN
EMERGIN...
Our Approach
Third Party Risk Management
Our Best Practice Approach to Third Party Due Diligence
1. Batch Screen
Understand and assess the inherent operational and...
What to Ask
Assessing Third Party Risk Management Solutions
How Do You Know You’ve Found the Right
Solution to Address your Biggest Challenges?
• Risks posed by third party
relations...
First: Understand the Biggest Time
Expenditure in Managing these Relationships
• Is it doing a review at the time of
onboa...
Checklist
Using this checklist will enable you to target the features and
functionality you really need before embarking o...
Third Party Risk Solution
Functionality
List of Must-Haves
Moves Process Online
 Can you administer the system yourself?
 Can you designate permissions within the system by role?
...
Automates Routine Tasks
 Are notifications sent to third parties at the time of review?
 Does the system send your third...
Central Control; Regional Input
 Does it provide for control at the Corporate office?
 What about monitoring at the Corp...
Manage Third Party Relationships
 Is there a global third party on-boarding process?
 And ongoing management of the rela...
Integrated Due Diligence (DD)
 Does the system provide four levels of due diligence reports?
 Can you batch screen exist...
Want More Information?
+1-866-297-0224 | info@navexglobal.com | www.navexglobal.com
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Supplier Risk Management Checklist: What to Ask When Assessing a Vendor Solution

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The risks posed by third party relationships (vendors, suppliers, agents, distributors, resellers, etc.) are huge – and often unaddressed. Regulations continue to increase as businesses become more global, and more and more companies are looking to address the risks based on the guidance from regulation already in place. But how do you know you’ve found the right solution to address your biggest challenges?

It’s important to understand the biggest time expenditure in managing these relationships first. Is it doing a review at the time of onboarding to ensure that these third-parties share a common philosophy with regard to bribery? Is it continuously monitoring for news related to the company
to remain informed of adverse events?

This checklist will enable you to target the features and functionality you really need before embarking on the path to securing your third party relationships.

Published in: Business, Economy & Finance
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Transcript of "Supplier Risk Management Checklist: What to Ask When Assessing a Vendor Solution"

  1. 1. July 2013 Third Party Risk Management: What to Ask When Assessing a Vendor Solution
  2. 2. Compliance Risk Landscape Third Party Risk Management
  3. 3. Third Party Risk: A Complex Network of Relationships Source: Compliance and Ethics Leadership Council SUPPLIERS IN EMERGING MARKETS TEMPORARY EMPLOYEES SUBCONTRACTORS INT’L INTERMEDIARIES DOMESTIC AGENCIES OFFSHORE SERVICE PROVIDERS DATA VENDORS FOREIGN DISTRIBUTORS DEALERS / RESELLERS LOBBYISTS AUDITORS INT’L JOINT VENTURES PARTNERSHIPS SUPPLIERS’ SUPPLIERS CONTRACTORS VENDORSDISTRIBUTORS CONSULTANTS JOINT VENTURES SUPPLIERS AGENTS YOUR CORPORATION A High Level of Complexity Corporations need to manage divergent legal relationships across a multitude of partners, and struggle to gain visibility into often-hidden risks.
  4. 4. Our Approach Third Party Risk Management
  5. 5. Our Best Practice Approach to Third Party Due Diligence 1. Batch Screen Understand and assess the inherent operational and jurisdictional risk to your organization prior to performing due diligence. 2. Risk Assessment Best-in-class screening process that provides a comprehensive view into complete enterprise risk—financial, regulatory, reputational, and governance. 3. Risk Mitigation and Action Steps Dictates mitigation activities that must be taken by both the third party and you. 4. Ongoing Monitoring Periodic re-screening process that identifies change in enterprise risk, ensures information is kept current, and continued compliance to client policies. 4. Monitor3. Mitigate2. Assess1. Batch Screen
  6. 6. What to Ask Assessing Third Party Risk Management Solutions
  7. 7. How Do You Know You’ve Found the Right Solution to Address your Biggest Challenges? • Risks posed by third party relationships (vendors, suppliers, agents, distributors, resellers, etc.) are huge – and often unaddressed. • Regulations continue to increase as businesses become more global. • More and more companies are looking to address the risks based on the guidance from regulation already in place.
  8. 8. First: Understand the Biggest Time Expenditure in Managing these Relationships • Is it doing a review at the time of onboarding to ensure that these third-parties share a common philosophy with regard to bribery? • Is it continuously monitoring for news related to the company to remain informed of adverse events?
  9. 9. Checklist Using this checklist will enable you to target the features and functionality you really need before embarking on the path to securing your third party relationships.
  10. 10. Third Party Risk Solution Functionality List of Must-Haves
  11. 11. Moves Process Online  Can you administer the system yourself?  Can you designate permissions within the system by role?  Are there unlimited users by role?  Is there a specific portal for third parties?  Does the system allow for global collaboration?  Is there a single repository for collected data?  Can third parties upload documents to your portal?
  12. 12. Automates Routine Tasks  Are notifications sent to third parties at the time of review?  Does the system send your third party due diligence questionnaire?  Will it perform the questionnaire scoring?  Can it integrate with your corporate data systems?  What about with your commercial data management tools?  Does the system perform the risk assessment scoring?  And will it create the due diligence report?  Does it constantly monitor for alerts?
  13. 13. Central Control; Regional Input  Does it provide for control at the Corporate office?  What about monitoring at the Corporate level?  And reporting at the corporate level?  Can third party data be entered locally?  And can that data also be maintained locally?
  14. 14. Manage Third Party Relationships  Is there a global third party on-boarding process?  And ongoing management of the relationship?  My Third Parties View By Role  Is the full history of the third party relationship visible?  Is there a dashboard where third party risks can be monitored?  Does the ability to sort or filter by user role exist?
  15. 15. Integrated Due Diligence (DD)  Does the system provide four levels of due diligence reports?  Can you batch screen existing third parties?  Does it provide 24/7 third party risk monitoring?  Is there a watch or sanctions list screening option?  What about screening for adverse media (media reports, regulatory filings, etc.)?  Is there screening for Politically Exposed Persons (PEPs)?  Are financial background checks available through the system?
  16. 16. Want More Information? +1-866-297-0224 | info@navexglobal.com | www.navexglobal.com
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