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Third party risk is an emerging trend across the supply chain, legal and ethics and compliance fields. Organizations are being held responsible for the actions of their third parties and processes, and record keeping must be put in place to protect against undue risk.
Veteran third-party risk experts Mike Vermillion and Randy Stephens explore trends around managing risk in the supply chain, what companies are doing correctly, where there are areas for improvement and how to manage effectively against these risks in the coming years.
The Compliance Landscape for Third Party and Agent Liability: FCPA, UK Bribery Act, OECD standards and recent cases of note.
The Four-Step Approach to the Risk Assessment Process and Adequate Procedures:
Identify and prioritize
Mitigating risks; and
Developing and implementing an ongoing process for onboarding, monitoring and training.
The Solution: Building, refining and automating the feedback loop and recordkeeping.
Randy Stephens, Vice President, Ethical Leadership Group,
Mike Vermillion, Senior Director, Third Party Risk Management Solutions