Corporate compliance professionals often believe that their companies have well-designed compliance structures which function as risk management programs to monitor risk and enforce ethical behavior within their organizations. But the truth is that most are struggling with the best way to expand and design third-party compliance programs that truly identify and manage risk with business partners and intermediaries.
A risk-based approach is a methodical and systematic process of knowing the company’s business, identifying its risks and implementing the best risk management practices that mitigate those liabilities. Recognizing and being able to articulate the value and purpose of a risk-based approach is an important step in building credibility in the compliance program.
Download the article “5 Steps to Implementing a Risk-Based Due Diligence Program” for five practical steps to overcoming the challenges of implementing a risk-based third-party program.