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“Successfully mitigating third party risks & issues”
Employing a third party like supplier, distributor, lawyer, accountant or consultant comes with a host of risks and regulatory requirements. Companies have to ensure that their third parties are determined to maintain confidentiality, ethics, operation risks, maintain safety and more… At the same time, corporate has to keep an eye on the third party compliance with regulations like anti-money laundering, the Foreign Corrupt Practices ACT(FCPA) etc… Some of these risks are usually addressed and analysed by companies during on-boarding process but the third party risk management and due diligence usually takes backseat which is a serious drawback.
Meeting these obligations require robust third party risk management processes, training, policies, controls, audits and due diligence. So, it is costly for companies to mitigate every due diligence requirements. At this time, Proman helps you out at its best.
Sectors Most Vulnerable to Third Party Corruption
Real Estate, IT, Mining, Defense, Manufacturing, Retail and Health are some sectors where there is a rise on third Party risks.
What are Third Party Challenges?
Increasing Complexity due to Network Extension
As a company expand its business, it has to work with a broad range of third parties. Due to which it is tough for the organization to manage and monitor new business relationship links. As you know, third parties are monitored indirectly which makes monitoring more challenging.
Challenging to Conduct Thorough Risk Assessments
Different third parties poise different level of risks like transaction risk, employee risk etc… It is highly important to understand these risks by assessing them individually and then categorize and rank them. For example, if a supplier is situated in a high risk country, it is must to do deep investigation and auditing. The background check requires reputation, past convicts, government dealings, verification of the shared data and identifying red flags if any.
Lacking in Informed Decision-Making
Risk assessments, third party governance, and compliance monitoring involve high volumes of data. Sometime it is difficult for companies to uncover risks associated with their new B2B relation. It happens all because they don’t have visibility into these areas of concern. Thus, it is resulted in poor decision making.
Data Leaking
Data can be leaked because you have indirect control on your third party. According to an incidence in Dallas in a healthcare centre in 2009, a contract security guard had hacked the centre computers holding confidential patient information. There are lots of incidences in companies where data is leaked by third parties.
Costly Service
In-depth investigation to assess risk management needs substantial manpower, effort, time and resources. Appointing manpower for due diligences is a costly affair.
How does Proman Third Party Due Diligence Services helpful?
We are committed to provide you with centralized repository to let you easily maintain and access information.
Customized Information Collection
What do you need to gather for your third party? Customized background check is arranged by us to meet your needs.
Third-Party Risk Management
We enable you to identify and manage risks associated with your potential partners. Our experts assess and rate them.
Training
In our premises, we arrange comprehensive training programs on the topic to create awareness about a company’s policies and code of conduct.
Issue Management & Investigation
Our expert unit integrates with multiple issue reporting systems like online interface and hotlines to identify complaints and risks associated with your third party.
Reporting
On time reporting is provided so that essential actions can be taken without getting any delay and let you take informed decision.
Benefits of Our Third Party Due Diligence Services
- Providing complete range of services to identify risks including background check, due diligence, compliance and issue management
- Capable to facilitate smooth collaboration between firms and third parties
- Provide on time reporting to let you take informed decision
- Cost effective services
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