On 1 October, an article from the Red Flag Group says that conducting due diligence on your third parties is an integral part of running a compliance programme, as it helps you uncover risks that might otherwise slip past if third parties simply answered questionnaires or were trusted to self-disclose information. The article explains the 4 things you should be able to get from a good due diligence report –
- Knowledge about the integrity and compliance risks of a third party;
- Visibility into the business and operational risks of a third party;
- Expert insights to allow you to onboard the right third parties for the right reasons; and
- Information about which steps the third party could take to become an appropriate candidate for your distributor or supplier programme.
I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y