Appreciating the need for monitoring third parties is one thing; knowing how to do it smartly — only to the degree necessary, with prudent use of human and technology assets — is another. To monitor all your third parties all the time is not only impractical; it’s also counter-productive. It diverts precious resources from where they might be better used (monitoring high-risk third parties), which dilutes the overall effectiveness of your compliance program.

The best approach, just like on-boarding, is to monitor third parties based on the risk they pose to your organization. The first step to strong third-party monitoring is proper understanding of the risk a third party poses to your organization.

Download our whitepaper to learn the next steps in Effective Ongoing Monitoring for Third Parties.