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.
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