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Sharpening Third-Party Risk Mitigation

Jaclyn Jaeger | October 16, 2012

Never has third-party risk management been as high a priority as it is in today's stringent anti-corruption enforcement environment. Yet, many companies still aren't up to snuff when it comes to refining the processes used to mitigate third-party risks.

They are in a “relative state of paralysis,” says Kenneth Kurtz, chief executive officer of Steele Compliance & Investigation Services. “What we're experiencing is an environment where companies know they need to do something, but they don't know exactly what to do first.” Kurtz says lots of companies have defined policies and a framework in place, but no process to execute those policies.

A high portion of charges of Foreign Corrupt Practices Act violations come from the actions of third parties acting on another company's behalf. That means companies need to have far more knowledge of the entities they...

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