Written by Dun & Bradstreet on Thursday September 6, 2018
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.
– Warren Buffet
Managing a compliance programme can be extremely disruptive to an organisation. Firms must not only run checks on potential customers, but also ensure that third-party risk is a key part of their comprehensive compliance programme, to avoid exposure to bribery and corruption and the associated reputational ramifications.
In addition, with business pressure to move quickly and efficiently a common driver, the onboarding process is a key area where competitive advantage can be gained or lost. Verifying third-parties, determining risk and creating visibility for your stakeholders are all key to an effective programme – but this can still be a manual process which does not make the best use of your human capital.
Approaching the programme in an organised manner will help you manage your resources effectively, ensuring that you are protecting your company and your brand, while not overwhelming your team.
A multi-step compliance programme will deliver tangible results from loss avoidance related to global penalties/fines and third-party risk, but will require content, processing, analysis and adherence at each step:
However, collecting all the information required to manage your compliance programme is not only time consuming but can be costly.
So, how exactly do we propose to make this less painful?
Leveraging best practices and automation can allow the management of your compliance programme to be effective and achievable. During the webinar, we will cover best practices and ways to automate your compliance programme across these four key areas:
This piece was written for the ICA by Amy Hayenhjelm and Neil Isherwood of Dun & Bradstreet
Dun & Bradstreet’s Amy Hayenhjelm and Neil Isherwood will be discussing ‘How to make third-party risk management less painful’, on 26 September as part of our #BigCompConvo webinar series. Register here for the webinar to hear practical recommendations for faster and efficient onboarding and the successful management of third party compliance.
Join Amy and Neil on Wednesday 26 September 2018, 14:00 BST to learn more. Register here.
If you would like to take part in the ICA’s Big Compliance Conversation and contribute to a like-minded community, please get in touch at email@example.com
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