Establishing a culture of integrity, ethics and respect is the number one priority for companies in 2017, according to a new report. In common with the 2015 report, getting an organisation's culture right is the main objective for compliance professionals in the year ahead, with 85 per cent of respondents saying it is one of their three main goals.
However despite this, only 32 per cent of firms indicated that they are planning to undertake a culture or ethics assessment in the next twelve months. In addition, workplace behaviour was rated as the lowest area of risk receiving attention by stakeholders (29 per cent).
Download the full report for additional stats on board level reporting, increasing compliance programme awareness and satisfaction with third party risk management.
Thirty percent of organisations expect to do more work through outside third parties in 2017. However, third parties are responsible for 75 percent of foreign bribery schemes, making these engagements rife with risks that can’t be ignored. A strong third-party risk management programme will help your organisation make smart choices when it comes to engaging with outside business partners.
The Definitive Guide to Third-Party Risk Management gives you insight, advice and examples to help your organisation recognise and address third-party risk.
In this whitepaper, industry expert Michael Volkov, CEO of The Volkov Law Group, LLC, shares key questions no business can afford to overlook when evaluating and selecting vendor risk management solutions.
The Definitive Guide to Third-Party Risk Management is a comprehensive resource full of insight, advice and examples to help organisations identify and address their third-party risk.
A strong third-party risk management programme will help your organisation make smart choices when it comes to engaging with third party business partners. It will also protect your organisation from the risks that third parties can present.
This guide is divided into three main sections: PLAN, IMPLEMENT and MEASURE. In these sections you’ll find the information and tools you need to develop a risk-based strategy, define third-party risk and a standard due diligence process, implement continuous monitoring of third parties and identify areas in which you need to improve your programme’s effectiveness.
Learn everything you need to know about effectively managing your third party risk-from defining a due diligence process to creating risk-based strategy-in our comprehensive guide.
What you'll learn:
-How to define your goals and create a strategy
-How to manage your third-party risk management programme
-How to track and improve your programme's effectiveness
An effective third-party risk management programme is in the interest of all organisations—regardless of size, industry, and number of third party providers. This report will help you benchmark your third-party risk management programme and its performance against trends in the market and best practices.
What you'll learn:
The top issues and challenges organisations are facing with their third-party risk management programmes
How organisations are using outside providers to help with third party due diligence
The inconsistency of top concerns year over year and what this might indicate
How to leverage the findings in this benchmark report to increase programme effectiveness in your own organisation
An effective third-party risk management programme is in your best interest. Not only can you more confidently engage with a growing network of vendors, suppliers, resellers and distributors; but when done effectively, you can have a positive impact on the effectiveness and efficiency of your broad ethics and compliance programme.
NAVEX Global research has shown that organisations pursue strong ethics and compliance programmes for myriad reasons, but at the top is a desire to cultivate and maintain a culture of ethics and respect. A strong third-party risk management solution helps organisations realise that objective through engaging with third parties that abide by codes of conduct, that are transparent and communicative and that you can be proud to do business with.
As third party data breaches have increased in recent years, regulators and organizations have moved from relying solely on static questionnaires and assessments, to continuously monitoring the security of vendors. Learn how financial institutions have adopted a continuous monitoring approach for their vendor risk management programs.