A Third-Party Management Best Practices Checklist

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Know Your ABAC Obligations

With increasing worldwide interest in and enforcement of anti-bribery and anti-corruption legislation, companies should assess the levels of risk they face and make sure they have appropriate controls in place. While it may be a daunting task, the initial questions are relatively straightforward: Does our company do business in foreign markets? and Do we or our third parties interact with government agents or officials and, if so, do we understand these points of contact?

Regardless of what business you're in, chances are you're working with more third-party organizations today than ever before. Whether it's human resources, IT, marketing or everyday vendors, businesses are increasingly looking to third-party suppliers to help reduce costs and grow the business. While these third parties can provide great opportunities for a company, they can also pose great risks – some catastrophic to your brand and revenues – if not properly managed. For instance, who would have guessed that a regular HVAC vendor could be at the center of a multimillion dollar data breach? Or a consultant disguised as a domestic-supplier could lead to one of the largest FCPA enforcement actions in history?

In this slideshow, Greg Dickinson, CEO of third-party management expert Hiperos, provides a checklist that companies must keep in mind to ensure due diligence when working with third parties.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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