As a Compliance Officer, you know that training third-parties is critical to the success of your compliance program, and indeed to the success of your organization overall.
Today, third-parties are essentially an extension of any large business — providing mission-critical services, acting as intermediaries in foreign markets, and delivering key supplies at crucial moments. They pose a host of risks on operational grounds alone, and so they must be trained to function within your enterprise properly.
Equally pressing is that regulators expect companies to train their third-parties to avoid compliance risks, since the company bears responsibility for any misconduct or negligent behavior those third-parties might commit on their behalf. The U.S. Justice Department and Securities and Exchange Commission, as well as numerous regulators and enforcement agencies around the globe, have published extensive guidance on what they expect third-party training to achieve.
What regulators want to see, and what makes more business sense, too, is a thoughtful approach to training – one that delivers the right material in the right ways, based on the actual risks that a third-party poses to your organization.
So how does a company build that sort of risk-based training program, rather than rely on a one-size-fits- all approach that squanders resources and misses key topics? Consider these eight capabilities a compliance program should have to meet modern expectations.
Download our whitepaper to learn more.