Third party management
- 1. Matt Kelly Editor & Publisher Compliance Week mkelly@complianceweek.com @complianceweek www.complianceweek.com 11 Nov. 2013
- 2. Compliance Week Writing about how companies get into trouble, for those executives charged with keeping them out of trouble. Anti-corruption Financial reporting Regulatory compliance Privacy Risk management Internal audit Daily web updates, weekly e-newsletter, monthly magazine, annual conference 20,000 monthly print magazine subscribers 50,000+ unique visitors monthly to website 500+ conference attendees www.complianceweek.com 11 Nov. 2013
- 3. First Challenges of Third Parties How do you define third parties? Does everyone know that definition? How do you count third parties? Use your accounting department as best you can Use your procurement department www.complianceweek.com 11 Nov. 2013
- 4. Assign Responsibility for Third Parties Who found these guys? Determine which business units oversee hiring, or just recommending, vendors Push responsibility to business units Expect fights on anti-corruption vetting; redefine your policies & contracts Use your procurement department www.complianceweek.com 11 Nov. 2013
- 5. Vetting Third Parties Use standard tools & techniques Questionnaires NGO Benchmarking Reports State Department Investigations Weigh risks wisely Size of market, type of product Likelihood of regulatory scrutiny New vendor? New market or product? New executive on the project? www.complianceweek.com 11 Nov. 2013
- 6. Once Theyre on Board Contract clauses to consider Right-to-audit, good Right-to-terminate, better Each brings its own risk! What will regulators want to see? Consistent approach to third parties Awareness of potential risks Efforts to reduce, remediate www.complianceweek.com 11 Nov. 2013
- 7. Thank you! Matt Kelly Editor & Publisher Compliance Week mkelly@complianceweek.com @complianceweek www.complianceweek.com 11 Nov. 2013