Workshop B — Third Party & Supply Chain Management
At this practical, industry-driven working group, expert speakers will discuss how companies are using a tiered due diligence approach based on the appropriate risk level and type of the third party in question. The session will discuss the onboarding process, the continued monitoring throughout the life of the relationship, how to re-evaluate your risk ranking approach, and manage the costs of a robust third party programme.
Recent settlements have seen companies admitting payments to politically-connected individuals and falsifying books and records to conceal payments to vendors associated with politicians.
Don’t miss this worthwhile opportunity to upgrade your best practices. Discover how your approach to managing high stakes risks compares to your peers, and benefit from essential takeaways for your work. There will be ample time for Q & A, so please bring your questions!
- How far you need to go in vetting 1st, 2nd, 3rd, 4th, and lower third parties
- How to incorporate adequate front-end vetting and screening protocols based on the type of relationship and interests represented by the third party
- Developing a model that stratifies your risk based on third parties — and how to perform due diligence accordingly
- What you need in a questionnaire for third parties
- Addressing resistance to follow-up questions after an initial questionnaire
- Impact of GDPR on the third party due diligence
- How much due diligence is enough: How to know if your approach is genuinely "risk-based."
- Unique challenges associated with critical types of third parties for your global business
- When and how much due diligence to perform for an ongoing, existing third party relationship
- Understanding the local business environment, customs, and practices
- What to do with information uncovered during the vetting process: How to evaluate red flags
- When should the relationship be approved, and who should approve it?
- Making the decision regarding which parties to use/not use: “On the Ground” obstacles to monitoring third party conduct
- Contract and administration management: what is the scope of services in the contract?
- Contract performance and payments: the importance of the "proof of services."
- Audit rights and compliance training for third parties — how often should they be performed?
- Suspension of payments and services for suspected breach of compliance requirements
- Where multinationals are most at risk and how to implement an effective global internal system of controls
- Special considerations for exercising audit rights
- When and how much to train third parties