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Shop Talk: Managing Vendor Risk

Aarti Maharaj | April 14, 2015

The list of companies tripped up over misconduct committed by their third parties is long. In fact, try recalling a big anti-corruption scandal that did not involve a company’s third parties.

Compliance officers straddle the horns of that dilemma: in today’s complex business environment, almost every company depends on outside vendors and other third parties to some extent. But for all the efficiency gains that tactic might bring to operations, good luck taming the growing risk exposure that comes along with it.

Pondering a way out of that dilemma was the subject of Compliance Week’s most recent executive roundtable, held in New York and co-hosted by Process Unity. The dozen participants all agreed that the idea of vendor governance is a valuable one, even if individual business’s success at it varies widely.

“Vendors are an integral part of a company’s service, so companies need to have the right risk assessment programs in place to protect themselves...

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