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.
https://redflaggroup.com/type/articles/top-benefits-of-a-good-due-diligence-report/
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