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Phase 2 in third-party risk management: the questionnaire

Tom Fox | June 18, 2018

The second phase in the third-party risk management process is the questionnaire. The term “questionnaire” is mentioned several times in the 2012 FCPA Guidance. It is generally recognized as one of the tools that a company should complete in its investigation to better understand with whom it is doing business. The questionnaire should be a mandatory step for any third party, and if a third party does not want to fill out the questionnaire or will not fill it out completely, you should not walk, but run away from doing business with such a party. 

In 2011, the U.K. Ministry of Justice’s (MOJ), discussion of the Six Principals of an Adequate Procedures compliance program noted that a questionnaire, “means that both the business person who desires the relationship and the foreign business representative commit certain designated information in writing prior to beginning the due diligence process.”

One of the key requirements of any successful anti-corruption compliance...

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