7 Best Practices for Conducting Third-Party Due Diligence for Ethics & Compliance
Increased consumer scrutiny on the integrity of your business has shined a spotlight on the reputational risks of unethical business practices involving third parties. A corporate code of conduct can be internally enforced, but how do you ensure third parties measure up to your values and requirements?
Now, more than ever, ethics and compliance due diligence is critical to identifying trustworthy third parties and mitigating potential risks. Proper third-party due diligence enables organizations like yours to screen third parties against sanctions lists, as well as conduct other compliance checks for Politically Exposed Persons (PEPs), Anti-Money Laundering (AML), modern slavery, and more – helping you to identify third-party risks, inform mitigation efforts, and continuously monitor for changes.
In this webinar, we will discuss the intersection between the two disciplines, how to get started with third-party due diligence, and best practices to facilitate collaboration across teams to reduce third-party risks. We’ll explore:
- What third-party due diligence is and its role within third-party risk management
- What 2021 taught us about third-party risks for ethics & compliance and what 2022 will bring
- How monitoring and intelligence tools can enhance ongoing due diligence efforts
- How to make sense of due diligence data to build a robust third-party risk management program