As every compliance practitioner is aware, third parties present an enormous risk that must be closely managed. A well-designed compliance program should apply risk-based due diligence and have a process for the full lifecycle of third-party risk management.
Download this eBook to learn the six steps in the lifecycle of risk-based third-party due diligence:
- Business justification
- Questionnaire to third party
- Due diligence on third party
- Compliance terms and conditions, including payment terms
- Management and oversight of third parties after contract signing
In this guide, we’ll explore each of these steps in detail, so you can fully operationalize your third-party risk management program.