Anti-Corruption and Technology
Huge anti-corruption fines. A focus on corporate conduct. Globalization. Each of these trends has put a lot of pressure on third party management programs. In the OCEG Tech Talk, “Anti-Corruption and Technology,” Ken Kurtz, Dennis Haist, and Tony Charles from STEELE CIS share insight and advice on managing anti-corruption in third party relationships.
A brief introduction and background on Kenneth Kurtz, Chief Strategy Officer, and Dennis Haist (General Counsel).
The shift seen from more simple organizations to the complexity we see today and what fuels that change.
Assessing risk in regards to customers, vendors, and third party intermediaries.
What you can and cannot offload in regards to business risk using third parties.
An overview of developing a risk model for third party risk and risk management.
The benefits of compliance programs in a business and the importance of them in third party management.
A conversation on the topic of third party enumeration and its effect on vetting organizations.
What drives the need to development third party management systems, especially in regards to globalization.
What should be considered when categorizing third parties during the development of a risk model.
Third party risk factors that should be assigned a higher weight in overall risk scores.
Risk factors in the lifecycle of a third party relationship.
Categorizing third parties as low or high risk and what factors to take into consideration.
Setting up timelines in re-evaluating third parties and the difference between continuous and ongoing monitoring.
Overview of what steps should be taken for a third party based upon which tier of risk it is categorized into.
How low, medium, and high risk populations in a total population form an inverted pyramid in regards to level of due diligence.
Data privacy as a risk itself raising concern and resulting in data protection laws.
The lifecycle as well as structure and management of third party management programs.
Integrating third party management software and ERP.
How to select a software or services solution provider for third party management.
Introduction and background of Tony Charles, VP, Strategic Development Group.
The purpose and components of a third party management software solution.
Benefits of technology in third party management.
What is automated or facilitated by use of third party management software in the on-boarding and lifecycle of the third parties.
Tips on how to get started, who to involve, and how to get support for a third party management program and software solution.
Common pitfalls of implementing third party management software and how to budget for the software.
Third party risk and risk management in the pharmaceutical industry.
How third party management is connected to other regulations, and how the on-boarding process should consider other types of regulations.
Third party management and mergers and acquisitions, and in joint ventures.
A discussion on the topic of mergers & acquisitions, transfer of responsibilities for past actions, and regulators' take on the matter.
The role of third party management in the energy industry and working with governments.
Should you have a single or multiple risk models in third party management?
How different industries manage confidence and costs in third party management programs.
How third party management risk models are implemented and how they evolve in most large organizations.
Third party management programs and software and central versus regional control.