WORKSHOP B | Third Party Management Think Tank: A Comprehensive Rundown of How (and How Not) to Vet and Monitor Contract Performance, Payment and Compliance

Jun 17, 2019 1:30pm - 5:00pm

£400

Speakers

Helene Kadjar
Third Party Compliance Lead – Business Integrity
Unilever, UK

Johanna Ericsson
Global Compliance Manager – ABC Compliance
Sandvik Mining and Rock Technology, Sweden

What is it about?

(Registration & Coffee Start at 1:00 pm)

 

Vetting and monitoring third parties remains a perennial compliance challenge for companies. The challenges start with the on-boarding process and continue throughout the life of the third-party relationship. Recent settlements have seen companies admitting payments to politically-connected individuals and falsifying books and records to conceal payments to vendors associated with politicians. With evolving risk factors and compliance obligations, this interactive working group will draw a comprehensive guide on lessons learned from previous cases, provide a catalogue of common mistakes when checking that the commissions paid are done in exchange of a real service and share tools and tactics that peer companies are using to on board.

 

  • What the latest investigations reveal about having a good due diligence report on third parties
  • How far you need to go in vetting your supply chain: 1st, 2nd, 3rd, 4th and lower tier supply chain members
  • What is missing in the questionnaire for third parties?
  • Who conducts and gets to see the due diligence?
  • What to do with information uncovered during the vetting process: How to evaluate red flags
  • Common mistakes that happen when making the decision regarding which parties to use/not use – and why?
  • Assigning responsibilities for the proposal and the business case for using third parties
  • What should be in the proposal and the business case?
  • Filtering and risk grading: what questions should you ask yourself?
    • does the business proposal make sense?
    • does the third party have the skills/resources to perform the contract?
    • any other payments/connections the third party (or any of its shareholders/employees) have to the company?
  • When should the relationship be approved and who should approve it?
  • 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