The document discusses effective third party compliance strategies. It notes that companies are expected to know who is conducting business on their behalf and the risks associated. Third party failures could threaten a company's reputation. It provides examples of key third parties like distributors and contract research organizations. It also discusses challenges like the complexity of partnerships, unclear organizational ownership of third party risk management, and insufficient influence over third party compliance. Effective practices discussed include regular communication, integrity agreements, training, and monitoring through methods like data collection, questionnaires, and field visits. Areas for improvement include robust contracts, prohibiting certain payments and exports, scrutiny of problematic third parties, and taking a strong public stance against rogue partners.
Protecting Against Bribery Risk in Business Transactions: Developing an Effec...PECB
This presentation was delivered by John Boscariol, Partner in the Litigation Group at McCarthy Tétrault, at the ISO 37001 & Anti-Bribery PECB Insights Conference.
FCPA Enforcement Tends and Their Impact on Corporate Compliance ProgramsPECB
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by William Marquardt, Director at Berkeley Research Group LLC in Florida
M&A Law: The Lawyer's Role; Recent Delaware DevelopmentsStephen Bainbridge
A two-hour presentation on the role of the lawyer in the M&A team, the place of legal due diligence in the overall buyer side's due diligence process, and a review of recent Delaware M&A legal developments. I'm available to give it to your law firm, company, or group.
This presentation by William Kovacic from George Washington University (US) was made during a roundtable discussion on Changes in Institutional Design of Competition Authorities held at the 122nd meeting of the OECD Competition Committee on 18 December 2014. Find out more at http://www.oecd.org/daf/competition/changes-in-competition-institutional-design.htm
Third Party Due Diligence - Know Your Third Party - EY IndiaErnst & Young
Third party due diligence, forensic data analytics and frequent compliance audits form the basis of a strong monitoring system. For more details, visit http://bit.ly/1RQuEGB.
Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores, and analyses the data produced by a company's activities. BI or business intelligence is a broad term that encompasses data mining, process analysis, performance bench marking, and descriptive analytics. If you want to know about business intelligence then you can visit to our website or can contact us on +91 88601-90008
Protecting Against Bribery Risk in Business Transactions: Developing an Effec...PECB
This presentation was delivered by John Boscariol, Partner in the Litigation Group at McCarthy Tétrault, at the ISO 37001 & Anti-Bribery PECB Insights Conference.
FCPA Enforcement Tends and Their Impact on Corporate Compliance ProgramsPECB
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by William Marquardt, Director at Berkeley Research Group LLC in Florida
M&A Law: The Lawyer's Role; Recent Delaware DevelopmentsStephen Bainbridge
A two-hour presentation on the role of the lawyer in the M&A team, the place of legal due diligence in the overall buyer side's due diligence process, and a review of recent Delaware M&A legal developments. I'm available to give it to your law firm, company, or group.
This presentation by William Kovacic from George Washington University (US) was made during a roundtable discussion on Changes in Institutional Design of Competition Authorities held at the 122nd meeting of the OECD Competition Committee on 18 December 2014. Find out more at http://www.oecd.org/daf/competition/changes-in-competition-institutional-design.htm
Third Party Due Diligence - Know Your Third Party - EY IndiaErnst & Young
Third party due diligence, forensic data analytics and frequent compliance audits form the basis of a strong monitoring system. For more details, visit http://bit.ly/1RQuEGB.
Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores, and analyses the data produced by a company's activities. BI or business intelligence is a broad term that encompasses data mining, process analysis, performance bench marking, and descriptive analytics. If you want to know about business intelligence then you can visit to our website or can contact us on +91 88601-90008
This presentation by Professor Spencer Weber Waller, Loyola University Chicago School of Law, was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
Unclaimed property historic litigation and legislation May 8, 2017Debera Salam, CPP
Here's the presentation handout and replay link to the Ernst & Young LLP webcast on May 8 about the current legislative and litigation environment affecting unclaimed property.
Super data-charging your corruption reviews with integrated analyticsJim Kaplan CIA CFE
Super-Data-Charging Your Corruption Reviews With Integrated Analytics - It comes as no surprise that the Association of Certified Fraud Examiners fraud surveys over the past 10 years identify corruption as the most frequently occurring fraud scheme. Corruption has come under great focus in the last decade with enhanced enforcement of the Foreign Corrupt Practices Act but has been a concept dating back to the start of business. What has changed are the tools and more precisely, analytics, which can be used to detect bribery and other corruption schemes.
Specific learning objectives include:
o Explore the top internal and external data sources to interrogate for corruption schemes.
o Be able to identify the key red flags leading to corrupt behavior and how they present themselves in data.
o Learn to bolster any compliance program with data-driven prediction and decision making analytics.
o Complete a who, what, when, and where set of analytics to hone in on the specific corruption and bribery within your business processes.
o Understand the benefits of integrating and managing a continuous review of data sets to identify corrupt behavior.
Legal Issues and Regulatory Requirements for Business AcquisitionsLawPlus Ltd.
Types of Business Acquisitions
Legal Issues for Acquisitions of Shares
Legal Issues for Acquisitions of Newly Issued Shares
Legal Issues for Acquisitions of Assets
Latest Development of M&A Regulations
Legal Factors to Consider on Acquiring Businesses in Other AEC Countries
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
Today's supply chains are going global, business' still work in silo's that disconnect the sourcing from the selling process, this creates compliance risk and potential liability. An Integrated Trade Compliance Strategy address' those concerns from Boardroom to Operational Execution.
Research paper - Forensic investigation, due diligenceHarsh Chitroda
Topic: Importance of Business Intelligence Services - Forensic Investigation, Due diligence in the current business scenario. The type of research method used in the paper was a qualitative one and obtained from real experience working at Deloitte.
Johnny Lee - #InfoGov17 - Information Governance & Data Risk Management: Flip...ARMA International
Organizations with a strategic view of these things recognize that Information Governance and Data Risk Management are flip sides of the same coin. Simply put, the only way to diminish the significant data risks is to go "upstream" of the triggering event -- be that a regulatory inquiry, third-party audit, subpoena, or internal review. This means that organizations will need to become MUCH more proactive and strategic in their thinking, working to put in place the very policies, procedures, processes, and controls referenced above to avoid having to address data-related risks in a reactive (and thereby less effective) manner. Put differently, a truly complete InfoGov Strategy integrates elements from various disciplines: regulatory compliance, legal risk, forensic/investigative risk, efficiency & ROI, internal audit, third-party risk management, and IT infrastructure. Join us for a panel discussion comprised of practitioners from these disciplines as they discuss real-world techniques and strategies to address these very real business problems.
Slides used by Daniel Haines, of Crowe Clark Whitehill, at the ‘Locally trusted organisations and Big Local partnerships’ learning and networking events. The events took place on Friday 25 November and Wednesday 7 December 2016.
Legal Factors affecting Business Law in KurdistanAI Publications
The main purpose of this study is to examine the relationship between legal factors and business law in Kurdistan. The Business's involvement in financing legitimate change, however still constrained, has just yielded some valuable exercises. The researcher employed quantitative technique to analyze the association between factors affecting business law in Kurdistan. For this reason, the researcher used four different legal factors such us (company law, contract law, employment law and competition law) as independent factors to measure the dependent factor which is business law. I distributed 115 questionnaires, but only 102 questionnaires. The results of multiple regression analysis, Company law, contract law, employment law, and competition law as a legal factors influence positively and significantly business law in Kurdistan.
This presentation by Professor Spencer Weber Waller, Loyola University Chicago School of Law, was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
Unclaimed property historic litigation and legislation May 8, 2017Debera Salam, CPP
Here's the presentation handout and replay link to the Ernst & Young LLP webcast on May 8 about the current legislative and litigation environment affecting unclaimed property.
Super data-charging your corruption reviews with integrated analyticsJim Kaplan CIA CFE
Super-Data-Charging Your Corruption Reviews With Integrated Analytics - It comes as no surprise that the Association of Certified Fraud Examiners fraud surveys over the past 10 years identify corruption as the most frequently occurring fraud scheme. Corruption has come under great focus in the last decade with enhanced enforcement of the Foreign Corrupt Practices Act but has been a concept dating back to the start of business. What has changed are the tools and more precisely, analytics, which can be used to detect bribery and other corruption schemes.
Specific learning objectives include:
o Explore the top internal and external data sources to interrogate for corruption schemes.
o Be able to identify the key red flags leading to corrupt behavior and how they present themselves in data.
o Learn to bolster any compliance program with data-driven prediction and decision making analytics.
o Complete a who, what, when, and where set of analytics to hone in on the specific corruption and bribery within your business processes.
o Understand the benefits of integrating and managing a continuous review of data sets to identify corrupt behavior.
Legal Issues and Regulatory Requirements for Business AcquisitionsLawPlus Ltd.
Types of Business Acquisitions
Legal Issues for Acquisitions of Shares
Legal Issues for Acquisitions of Newly Issued Shares
Legal Issues for Acquisitions of Assets
Latest Development of M&A Regulations
Legal Factors to Consider on Acquiring Businesses in Other AEC Countries
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
Today's supply chains are going global, business' still work in silo's that disconnect the sourcing from the selling process, this creates compliance risk and potential liability. An Integrated Trade Compliance Strategy address' those concerns from Boardroom to Operational Execution.
Research paper - Forensic investigation, due diligenceHarsh Chitroda
Topic: Importance of Business Intelligence Services - Forensic Investigation, Due diligence in the current business scenario. The type of research method used in the paper was a qualitative one and obtained from real experience working at Deloitte.
Johnny Lee - #InfoGov17 - Information Governance & Data Risk Management: Flip...ARMA International
Organizations with a strategic view of these things recognize that Information Governance and Data Risk Management are flip sides of the same coin. Simply put, the only way to diminish the significant data risks is to go "upstream" of the triggering event -- be that a regulatory inquiry, third-party audit, subpoena, or internal review. This means that organizations will need to become MUCH more proactive and strategic in their thinking, working to put in place the very policies, procedures, processes, and controls referenced above to avoid having to address data-related risks in a reactive (and thereby less effective) manner. Put differently, a truly complete InfoGov Strategy integrates elements from various disciplines: regulatory compliance, legal risk, forensic/investigative risk, efficiency & ROI, internal audit, third-party risk management, and IT infrastructure. Join us for a panel discussion comprised of practitioners from these disciplines as they discuss real-world techniques and strategies to address these very real business problems.
Slides used by Daniel Haines, of Crowe Clark Whitehill, at the ‘Locally trusted organisations and Big Local partnerships’ learning and networking events. The events took place on Friday 25 November and Wednesday 7 December 2016.
Legal Factors affecting Business Law in KurdistanAI Publications
The main purpose of this study is to examine the relationship between legal factors and business law in Kurdistan. The Business's involvement in financing legitimate change, however still constrained, has just yielded some valuable exercises. The researcher employed quantitative technique to analyze the association between factors affecting business law in Kurdistan. For this reason, the researcher used four different legal factors such us (company law, contract law, employment law and competition law) as independent factors to measure the dependent factor which is business law. I distributed 115 questionnaires, but only 102 questionnaires. The results of multiple regression analysis, Company law, contract law, employment law, and competition law as a legal factors influence positively and significantly business law in Kurdistan.
Vendor Management Best Practices: Is Your Program Up to Par?EDR
Vendor Management Best Practices: Is Your Program Up to Par?
Webinar presented by Scott Roller, former head of vendor management at Citigroup
August 12, 2015
Among the top challenges lenders face today is the need to meet higher expectations set by the OCC and the Federal Reserve governing the use of third-party vendors. While the guidelines were released over a year ago, there is still confusion about what institutions should be doing.
One thing, however, is certain. Effective vendor management takes resources, and many institutions are finding it necessary to add staff and/or technology to help with the cause, particularly smaller institutions. The regulators have made it clear, vendor management is not just a one-time assessment, but is an ongoing process, and monitoring vendors long term is as important as the initial due diligence.
EDR is pleased to host a webinar on this timely topic on Wednesday, August 12, 2015 at 2:00 p.m. EST. Scott Roller, former head of vendor management at Citigroup, will provide clarity on the new regulations and help break down regulator expectations into easy-to-understand terms. Roller will explore key dimensions that attendees can use as the foundation for building out their own robust vendor management oversight program, from initial vendor risk classification all the way through ensuring adequate executive engagement in vendor management.
Attendees will learn best practices for satisfying regulators with this educational workshop, including answers to the following:
• What does the latest regulatory guidance on vendor management require?
• What are the biggest headaches banks are facing in complying with them?
• What advice is recommended for smaller banks struggling with limited manpower/resources?
• What are bank examiners looking for during audits?
• What are the latest best practices for policies and procedures?
• How are banks coping with the need to track and monitor vendors?
• What are the most common shortcomings that audits reveal?
Join us for the 5th Middle East Summit on Anti-Corruption and take part in the region’s only event that addresses your company’s local bribery risks and provides a detailed look at the anti-bribery landscape in countries including the UAE, Saudi Arabia, Egypt, Qatar, Iraq and other jurisdictions crucial to your operations in the Middle East.
Anti-Bribery and Corruption Compliance for Third PartiesDun & Bradstreet
In this white paper, Kelvin Dickenson, Managing Director of D&B Global Compliance Solutions, discusses thoughtful approaches to buidling a scalable, effective and proportionate anti-corruption program for third-party due dilligence.
How to Prepare Your Firm for a Visit from the SRALegl
The SRA regularly visit law firms to monitor their compliance with AML regulations. In this session, we cover the areas that will put you ahead of the game should you receive notice that your firm will receive a visit.
Visit https://legl.com/events/webinar-how-to-prepare-your-firm-for-a-visit-from-the-sra-view/ to watch the full webinar.
Brazil's Clean Company Act: Navigating Uncharted Waters. This document includes an overview of the law, key compliance measure, and enforcement expectations.
Third Party Oversight and Monitoring: How to Establish an Effective Third Par...PECB
This presentation was delivered by Douglas Small, Director of the Berkeley Research Group’s Global Investigations, at the ISO 27001 & Anti-Bribery PECB Insights Conference.
Compliance Officer update: What you should know about your Business Partner -...vivacidade
Compliance Officer update: This presentation shows why and how Compliance questionnaires are used in the context of the Third Party Compliance Due Diligence process. A proposal is made on key data and compliance information that should be obtained from the prospective Business Partner via self-questionnaire. It is the starting point for further analysis and background checks before a contractual obligation is concluded. The due diligence process should be designed to enable the identification of red flags.
Slide Notes From CCC Presentation At Zinc Forum - PRT Efficiency - Turbo-Char...
3rd Party Vendor Mgt - IBC Pres'n - 17 March 2015 (PM)
1. IBC Pharmaceutical Conference - Compliance
Shanghai, China
17 March 2015
Maija Burtmanis, LLB/BSc, LLM
Life Sciences Legal / Compliance Executive
EFFECTIVE THIRD PARTY
COMPLIANCE STRATEGIES
2. Third
Parties
posing an
elevated
AB risk
Managed by
Other Functions
Managed by
Procurement
Key Third Parties
• Distributors
• Co-marketing
• Contract Field Forces
• BD&L deals
EXAMPLES
• Contract or Clinical
Research Organizations
(CROs)
• Congress & Events
• Agents (eg Mkt research)
OUT OF SCOPE EXAMPLES
• Insurance/Benefits
• Government Agencies & Tax
Office
• Employee & social-related
expense
EXAMPLE
• Co-promotion
Third Parties within “Due Diligence scope”
OUT OF SCOPE EXAMPLES
• Suppliers of laboratory
equipment
• Warehousing &
transportation
3. 3
Third Party Risks:
Industry Specific, Operational & Transactional
Current regulatory
environment expects, and
regulators are increasingly
demanding that companies
know who is conducting
business on their behalf
and the risks associated
with doing business with
these vendors.
Third party compliance
failures could primarily
threaten a company’s
reputation.
4. Payments By Third Parties: FCPA AND Local Laws
• Payments to Third Parties (e.g., agents or representatives) made with the knowledge
that any portion of the funds might be used to make a corrupt payment to a foreign
Govt Official violates the FCPA and local laws.
Test: What would a reasonable observer
assume or suspect after assessing all the facts?
Test: Tendering –
what do local procurement laws say?
Test: Is the payment “legally documented” and traceable?
5. Current State of Third Party “Risk Management”
• Risks have evolved quickly: regulatory changes, increased scrutiny, more parameters to
“manage”.
• Many organizations do not have mature Third Party Risk Management Programs in place
• Many organizations do have “the basics” in place, namely:
(i) Financial controls
(ii) Essential business continuity protocols
(iii) Preservation of data and site security
• Third Party Risk Management is hard to “budget for” – modest investments into people
and resources
• There appears to be minimal co-ordination within some companies regarding this
“business critical” issue – no one wants to take “ownership” (Finance, Commercial, Legal,
Compliance?)
• However, the risks posed by Third Parties are profound and are often the subject of
major investigations…….
5
7. Third Party Vendor Management
What are some of the other challenges organisations face?
• Complexity of Third-Party Partnerships – Multiple Parties deal with MNCs
• The volume and diversity of third parties increases the challenge of identifying and
prioritizing the riskiest external business partners in an efficient, systematic manner.
• Unclear Organisational Ownership
• Compliance and ethics departments struggle to achieve buy-in across the organization for
ensuring third-party compliance and to develop scalable approaches to support internal and
external partners in proactively managing third-party risks.
• Insufficient Influence Over “Third-Party Compliance”
• Compliance and ethics officers cite diminishing influence over third parties as the
relationship evolves over time, indicating a need for better monitoring processes and
incentives to ensure the ongoing health of the partnership.
7
8. Third Party “Ideal Practice Management”
• Regular Communication – Cement the Relationship!
• Meetings (ideally Face to face) for regular updates
• Assign a “relationship manager” with the Vendor – inform the organization.
• Integrity Agreements
• Whistleblowing
• Do your Vendors have access to an internal hotline or other personnel to report
concerns?
• Training
• For the Vendor
• Face to face is best
• Provision of key policies – Code of Conduct & Anti-bribery Policy
• Certification required and tracked as a performance measure
• For the Commercial Folks
• Are the commercial folks fully aware of their roles and responsibilities? Do they
have necessary knowledge and skill set? How do Legal & Compliance help?
Work as a “team” for sustainable partnerships & long term success
8
9.
10. Third Party Vendor Management
Monitoring
• Finding the “right balance” so as not to disrupt or distract the business……
easier said than done.
• Data collection challenges
• Databases – legal concerns?
• Field or “live” visits
• Questionnaires from vendors
• Manual intelligence gathering
• Some key focus areas:
• Percentage and value of “inventory” held
• Records pertaining to inventory management
• Client base – Public v Private market
10
12. Areas for better dealings with Third Parties
12
• Robust contracts: non compliance with law amounts to a “material breach”; disclosure
of any / all conflicts of interest mandatory; introduce an “Integrity Agt” as a key
contractual obligation; always include a mandatory right to audit books & records.
• Prohibit the exportation of products outside of defined Territories – otherwise, you face
issues like parallel importation (or questionable counterfeits).
• Prohibit payments in cash in any circumstance: a standing instruction.
• Take careful note of any Third Parties who have been prosecuted or who face public
prosecution; or have been sanctioned / fined by an Govt agency. Sourcing information
coming from the public domain (which is voluminous).
• Take a strong and very public stand against rogue Third Parties who may use intimidator
tactics to “withhold” company owned MAHs / licenses for ransom.
13. “Winning with Integrity”
means being vigilant, transparent, honest, and in constant communication
on material issues with key Business Partners and Stakeholders.
Thank you.
Questions?