Most organizations engage with hundreds, if not often thousands, of third party vendors, suppliers, agents and business partners, creating a daunting and challenging scope of risk.
This risk arises from:
- The difficulty in efficiently and effectively vetting and managing these third parties; and,
- liability created by the actions or compliance failures of these third parties when acting on behalf of the party who engaged them.
NAVEX Global’s 2013 “Third Party Risk in a Global Environment” survey gathered insights from 300+ business professionals responsible for ethics and compliance activities. We explored how and whether they have implemented policies to mitigate the risks of doing business with third parties overseas and found that fewer than three in 10 U.S. companies carefully monitor their third party vendors, suppliers and agents to prevent corruption, fraud and other compliance risks – despite acknowledgement of the issue. Join Randy and Eli for a deep dive into high-level survey findings and how you can combat the discussed issues through technology.