Mitigate risks to a Company Assets, Employees, and Customers
Verifying vendor’s background before inviting them to a company’s premises is a wise risk management tool used by best-in-class companies. Not knowing a vendor’s background may expose a company to reputational risks and undue media scrutiny, particularly regarding corruption and bribery.
The reputational due diligence process entails gathering and reviewing relevant information about an individual or third-party company.
Recommended Vendor Risk Management Best Practices
- Conduct ongoing due diligence on third-party vendors: Continued monitoring is a critical element of any ABAC (Anti-Bribery and Anti-Corruption Policy) compliance program. Consider including government watch lists and media reviews.
- Enforce third-party risk management policies and practices: It is essential to invest in personnel and tools that can help secure a growing network of vendor providers.
- Expertise and industry knowledge: Avoid conducting due diligence through in-house manual processes. The cost and time of employing internal resources might be inefficient and possibly more costly. Relying on established industry experts in background screening for vendors, who incorporate technology and can more easily flag potential issues or concerns with easy-to-read reports, will help uncover potential non-compliance risks.
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