By Rick Chapman, Assistant General Counsel,
Global Ethics & Compliance, Halliburton
According to new research from The Risk Advisory Group, third party risk is at the top of the agenda for compliance professionals in 2018. This is hardly surprising when you consider that businesses are increasingly reliant on networks of third parties to take their services and products to market – and evidence shows that these third parties pose a significant risk. The challenge for compliance teams is how to manage these relationships effectively and efficiently.
Technology is one solution – and a powerful one at that. Automated due diligence processes such as online questionnaires, evaluation, and approval systems can bring all manner of benefits. However, they can create new complexities that threaten the promised efficiency gains if they are not managed in the right way.
Following are some of the lessons that I have learned “on the front line” about getting the most out of online due diligence systems in order to increase efficiencies: [Read more…]