As we’ve discussed previously here and here, third party risks can be some of the most challenging for organizations to manage. Even medium sized organizations can have upwards of thousands of third-party relationships, making the onboarding and ongoing monitoring of each relationship extremely challenging.
This issue isn’t restricted to the U.S. either. Last month NAVEX Global and Compliance Week hosted two executive forums in London and Amsterdam, where we heard from E.U.-based compliance executives how they struggle to effectively address third-party risk just as much as U.S. companies.
Managing the process is what poses the largest challenge. As NAVEX Global Chief Products Officer Bob Conlin stated for Compliance Week, ““Every third party needs to have a business owner, and that business owner has to have some responsibility for managing the risk associated with that relationship.”
To read more about what European compliance executives had to say, read the article from Compliance Week around addressing third party risk at: https://www.complianceweek.com/shop-talk-cooling-off-red-hot-third-party-risks/article/1dcL39ri0Ls%3d/t/