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3rd Party/Vendor Risk & Compliance
Corporate Integrity helps organizations to define and implement risk and compliance processes for extended business relationships. Any given organization stands in the shoes of its vendors and delegated partners/entities - their problems are your problems and their issues can directly impact your brand and reputation. The challenge before organizations is “Can you attest to an in-compliance status of your extended business relationships across the range of risk issues that can impact your business operations and brand?”
The Bottom Line: Organizations are complex entities that extend to hundreds or thousands of business relationships around the world. Even the smallest organization can have diverse global business relationships. The impact of the extended enterprise is significant on business. Organizations need to actively manage and monitor risk and compliance across the lifecycle of a business relationship.
Companies can find themselves in hot water when they fail to manage and monitor risk and compliance across the entire life-cycle of any given business relationship. Managing risk across extended business relationships is a life-cycle process rather than a point-in-time effort. This involves establishing processes that go beyond on-boarding to manage risk continuously throughout the life-cycle of the relationship.
Typical engagements have included:
- Communicating the breadth of risk across extended business relationships
- Implementing processes for risk and compliance across 3rd party/extended business/supply-chain relationships
- Risk and regulatory intelligence/monitoring processesimpacting extended business.
- Establishment of culture and supporting code of conduct across extended business relationships
- Alignment of corporate social responsibility in extended business on your brand.
- Compliance & risk monitoring and metrics.
- Communication of business relevant 3rd party risk information.
- Defining ownership of risk across business relationships.
- Developing a lifecycle approach to manage extended business relationships.
- Role of technology to manage and monitor extended business relationships
Corporate Integrity is actively engaged in helping organizations plan their risk and compliance strategies. If you need a few hours of advisory time on the phone or in person to help plan your strategic approach to risk and compliance and need to understand drivers, trends, best practices, benchmarks, assessments, and the landscape of professional services and technology providers - contact me.