Day 17 | Managing your third parties - a podcast by Thomas Fox

The building blocks of any compliance program lay the foundations for a best practices compliance program. For instance, in the life cycle management of third parties, most compliance practitioners understand the need for a business justification, questionnaire, due diligence, evaluation and compliance terms and conditions in contracts. However, as many companies mature in their compliance programs, the issue of third-party management becomes more important. It is also the one where the rubber meets the road of operationalizing compliance. It is also an area the DOJ specifically articulated in the 2019 Evaluation that companies need to consider.
The key is to have a strategic approach to how you structure and manage your third-party relationships. This may mean more closely partnering with your third parties to help manage the anti-corruption compliance risk. It would certainly lead towards enabling your company to control risk while optimizing the performance of your third parties.
Three key takeaways:

Have a strategic approach to third-party risk management.

Rank third parties based upon a variety of factors including compliance and business performance, length of relationship, benchmarking metrics and KPIs for ongoing monitoring and auditing.

Managing the relationship is where the real work begins.

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