Download our eBook: The global regulations driving third-party due diligence. Key regulations to know for managing third-party risk.
Key regulations to know for managing third-party risk
|Bribery and corruption||Sanctions||Human rights||Money laundering and terrorist financing|
|US Foreign Corrupt Practices Act (FCPA)||US Office of Foreign Assets Control (OFAC) sanctions||UK Modern Slavery Act (Section 54)||UK Proceeds of Crime Act (POCA)|
|UK Bribery Act||UK Sanctions and Anti-Money Laundering Act 2018 ||US Uyghur Forced Labor Prevention Act (UFLPA)||UK Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017|
|Brazil’s Clean Company Act||EU sanctions, promoting the objectives of the Common Foreign and Security Policy (CFSP)||German Supply Chain Due Diligence Act (SCDDA) (aka LkSG)||EU Anti-Money Laundering Directives (AMLD)|
|France’s Sapin II||UN Security Council sanctions||France’s Duty of Vigilance Law||US Bank Secrecy Act and Patriot Act|
You may also like: Webinar: Unpacking the global third-party due diligence regulatory landscape.
Be informed about the regulations that impact your risk
Often tasked with screening against regulatory risk, reputational risk, and risk of third parties violating the company’s policies, ethics and compliance teams must stay informed about the latest regulations. A wide variety of regulations influence how you conduct due diligence on third parties in your business ecosystem. The regulations discussed above are some of the notable bribery and corruption, sanctions, human rights, and money laundering and terrorism laws around the world.
Although what we’ve included here is far from an exhaustive list, the requirements in any given area are generally similar, so you can establish one set of guidelines and processes across your organization to address a particular area of third-party risk. No doubt — the regulatory drivers will continue to evolve, and third-party due diligence will become even more essential to protecting your brand from the risks third parties can impose. Given the complexity of the regulatory drivers affecting your relationship with third parties, you may want to consider a third-party management solution to help you streamline compliance screening and management.
With OneTrust Third-Party Due Diligence, you can automate the third-party due diligence process — from initial screening to risk assessment and management to ongoing reporting and monitoring. The solution keeps third-party profiles in a centralized directory and uses data intelligence to alert you when a third party’s risk profile changes.
Visit www.onetrust.com to learn more about how OneTrust Third-Party Due Diligence can protect you from third-party risk and help you build relationships with trustworthy partners in your business ecosystem.