End-to-end third-party risk management refers to identifying, assessing, mitigating, and monitoring risks associated with third-party vendors, suppliers, distributors, sales agents, and other partners. It involves evaluating the potential risks arising from your organization’s relationship with a third party – such as risks of bribery and corruption, fraud, sanctions violations, conflicts of interest, kickbacks, data breaches, human rights violations, and overall financial and operational viability – and implementing measures to reduce or mitigate those risks.
This process typically involves conducting due diligence on potential third parties, establishing contractual agreements that outline expectations and requirements and monitoring them.
Effective end-to-end third-party risk management requires a comprehensive and integrated approach that involves collaboration across departments and functions within an organization at all stages of the third-party relationship.
In this white paper, we will explore the key challenges of third-party risk management and provide practical guidance on how compliance officers can effectively manage these risks.
We will discuss each stage of the third-party risk management process, from needs assessment to scoring and due diligence, approval, contracting and mitigation, ongoing monitoring, and renewal or offboarding, and provide relevant resources to support our recommendations. By following the guidance in this white paper, compliance officers can ensure that their organizations are effectively managing third-party risks and are well-positioned to meet their compliance obligations. Download the white paper below.