THird party risk coverCompliance officers face difficult choices when allocating limited resources to mitigate third-party risks by conducting due diligence and auditing and monitoring the activities of third parties.

Further, the Department of Justice (DOJ) is increasing the emphasis on compliance programs and holding companies to a higher overall standard. On one hand, a robust compliance program can significantly reduce penalties or help to avoid enforcement altogether with a deferred prosecution agreement (DPA) or nonprosecution agreement (NPA).

On the other hand, a company with deficient third-party risk management procedures can suffer serious harms from stiff fines, assignment of a compliance monitor and reputational damage. To build an effective, risk-based approach to managing third party relationships, a compliance program should take the 10 steps outlined in this white paper.

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This content is part of MIS Training Institute’s Partner Content Series and developed by the sponsor. MIS Training Institute was not involved in the development of this content.