Free Your Business® from the Complexity of Anti-Bribery and Corruption Compliance
- January 25, 2018
Learn How to Simplify the Third Party Anti-Bribery and Corruption Due Diligence Process
Anti-bribery and corruption compliance can be your competitive advantage when growing your business globally. Conducting due diligence on all third parties is a critical element. This video walks through the key steps.
- Start with a clear definition. Define the scope of your program, objectives and goals, policies and procedures and how you’ll gather data from third parties.
- Next, you can start collecting your data to assess risk in your relationships. Some key risk factors to consider include country risk, government connections and adverse media.
- Now assess the data. Segment third parties into high, medium and low risk and conduct additional due diligence in proportion to each level.
- At this point it’s time to make decisions about whether to approve or deny a relationship or move forward with some provisions. Solid risk assessment supports faster, more competent decisions.
- As you are responsible for actions of your third parties, training them on regulatory requirements and your policies and procedures is key to the success of your compliance program.
- Remember, third party due diligence isn’t a one-off activity. You need to be aware of real changes in third-party relationships that may trigger a review. Automated monitoring ensures that you’ll never be caught off-guard.
Efficient third party due diligence can be a strong competitive advantage. Free your business to grow safely.