NAVEX Global's 2013 "Third-Party Risk in a Global Environment" survey found that fewer than 3 in 10 U.S. companies carefully monitor their third-party vendors, suppliers, and agents to prevent corruption, fraud, and other compliance risks.
The survey of 300+ business professionals responsible for ethics and compliance activities explored how and whether they have implemented policies to mitigate the risks of doing business with third parties overseas.
Key survey findings:
- Just 29 percent of U.S. companies monitor all their third-party relationships and only those perceived most critical.
- 85 percent of respondents list bribery and corruption as a key concern.
- Half don't conduct any third-party due diligence before contract negotiations start.
- More than one third believe they don't have tools to reduce third-party risks.