Third Party Risk


Supply chain

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Policy changes underscore need for enhanced child labor due diligence

2024-03-18T13:20:00+00:00By and

Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.

Auditinspection

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The auditor’s role in supply chain due diligence

2024-03-14T17:54:00+00:00By

Although compliance should be the company’s primary responsibility, auditors have become the last line of defense and are getting pressured and blamed for supply chain issues, including instances of child labor. Is this expected to become the normal for the profession?

OCC sign

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U.S. banking regs mulling enhanced operational resiliency frameworks

2024-03-13T19:47:00+00:00By

Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.

Department of Labor

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DOL seeking more authority in crackdown on child labor violations

2024-03-12T16:56:00+00:00By

The Department of Labor has stepped up its enforcement of child labor law amid a concerning rise in child labor exploitation, yet the agency acknowledges its resources are not great enough to be a significant deterrent for such misconduct.

Child labor

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Child labor violations are on the rise in U.S. Are they in your supply chain?

2024-03-11T16:31:00+00:00By

The compliance community has not been spending time addressing a problem mistakenly thought to be a rarity: The proliferation of child labor violations occurring in the United States.

European Commission

News Brief

EU to ban sale of products made with forced labor

2024-03-08T15:20:00+00:00By

The European Union announced an agreement to ban products made with forced labor, a decision that will oblige organizations to track and declare more information about their supply chains for goods entering EU markets.

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Webcast

CPE Webcast: Applying traditional TPRM security and data privacy practices in the digital space

2024-03-05T14:00:00+00:00Provided by

This webinar explores the compliance challenges posed by evolving privacy regulations and the recent explosion of class-action litigation arising from third-party advertising technology on websites.

Metropolitan Commercial Bank

News Brief

Metropolitan Commercial Bank adds risk chief, AML officer

2024-03-04T19:39:00+00:00By

Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.

Business ethics

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Best practices for determining need for a human rights policy

2024-02-29T13:21:00+00:00By

Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.

mar28

Webcast

March 28 | Rapid expansion of global forced labor regulations

2024-02-26T17:21:00+00:00Provided by

Join us as we dive into the best practices for performing due diligence across your entire supply chain—from the sourcing of raw materials to the delivery of finished goods—to become (and stay) compliant with this ever-evolving landscape.

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Q&A: ManpowerGroup compliance director on CSRD prep efforts

2024-02-19T14:00:00+00:00By

James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.

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Webcast

CPE Webcast: TPRM: Time to change how you approach vendor assessments

2024-02-08T14:00:00+00:00Provided by

Forward-thinking third-party risk management teams are changing the way they approach vendor assessments.

Google HQ

News Brief

Alphabet to pay shareholders $350M over Google+ privacy lapses

2024-02-07T18:00:00+00:00By

Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.

Fujitsu

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U.K. Post Office scandal sparks contractor accountability debate

2024-01-26T12:37:00+00:00By

The recent furor in the United Kingdom over the Post Office’s wrongful prosecutions of sub-postmasters for alleged fraud has put the government’s relationship with private contractors under the spotlight and raised questions about how companies could be held more accountable in future.

Philips

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FCPA violations in China: Lessons learned from 2023 cases

2024-01-25T18:01:00+00:00By

Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.

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Resource

White paper: Quantify Third-Party Financial Risk to Efficiently Address Threats

2024-01-23T16:05:00+00:00Provided by

Financial risk is one of the third-party risk management (TPRM) domains most likely to directly harm your organization.

AIdata

News Brief

NYDFS proposes AI use guidance for insurers

2024-01-17T18:28:00+00:00By

The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.

Business data

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Lessons from Albemarle, ABB: How data-driven compliance can help your firm

2024-01-12T20:32:00+00:00By

Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.

Fraud victim

News Brief

FinCEN analysis: Most common identity-related suspicious activities

2024-01-10T17:48:00+00:00By

Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.

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Opinion

Ten things I’d like to see happen in 2024

2024-01-08T16:02:00+00:00By

Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.

Brazil oil

News Brief

Freepoint Commodities to pay $99M in Brazil bribery FCPA case

2023-12-14T21:08:00+00:00By

Freepoint Commodities agreed to pay nearly $99 million to settle allegations by the Department of Justice that it paid bribes to Brazilian government officials in return for business from state-owned oil company Petrobras.

Shipping boat

News Brief

U.S. agencies issue ‘know your cargo’ transport compliance note

2023-12-11T19:27:00+00:00By

Five agencies of the U.S. government combined to issue best practices guidance for entities in the maritime and other transportation industries to help reduce risk of sanctions and export control violations and evasion efforts.

Data on computer

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Efficiency, consistency among goals of modernized TPRM program

2023-12-11T15:30:00+00:00By

Managing directors at KPMG share how firms are making strides in building robust third-party risk management programs for the future.

OCC sign

News Brief

OCC offers compliance guidance to banks on ‘buy now, pay later’ loans

2023-12-07T16:43:00+00:00By

New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.

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Resource

e-Book: Goals of a modernized TPRM program

2023-12-05T19:00:00+00:00Provided by

Companies have shown a willingness to invest in technology to enhance their third-party risk management efforts. But that doesn’t mean new opportunities don’t remain.

Digital data

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Survey: Companies bullish on new tech amid enhanced sanctions scrutiny

2023-12-05T16:00:00+00:00By

Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.

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Webcast

CPE Webcast: Better risk assessments: Practical, data-driven assessments made simple

2023-11-28T14:00:00+00:00Provided by

Today’s risk assessments require improved quantitative, data-driven analysis, including interpreting inherent risk data in a meaningful way. Organizations are looking for risk assessments to be actionable, easier to execute, and defensible.

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Webcast

CPE Webcast: Elevating third-party safety: The art of TPRM and TPDD integration

2023-11-16T11:00:00+00:00Provided by

This webinar will address the unique competencies of third-party risk and due diligence programs and examine when and how to align them to maximize the effectiveness of each.

Collaboration

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A job never done: Tips for TPRM integration

2023-11-15T20:20:00+00:00By

Taking risk mitigation further and understanding your third parties and their risks can create value for your organization, practitioners discussed as part of a panel at CW’s virtual TPRM and Oversight Summit.

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Webcast

CPE Webcast: How to strengthen your TPRM to be more resilient

2023-11-14T14:00:00+00:00Provided by

In this session, experts from Riskonnect and Deloitte will explore why it is important for organizations to align strategies, processes, and practices related to business resilience with the risks posed by third-party vendors and partners.

Due diligence

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TPRM Summit: How to operate a risk-based due diligence program

2023-11-09T16:00:00+00:00By

A panel of experts broke down the nuts and bolts of integrating a risk-ranking strategy and tailored approach to third-party due diligence at CW’s virtual TPRM and Oversight Summit.

China scrutiny

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Due diligence in China: Mitigating arrest, detention risks

2023-11-08T14:45:00+00:00By

Lack of transparency around how to remain within the legal bounds of China’s national security laws has heightened companies’ concerns regarding performing on-site due diligence in the country.

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Webcast

CPE Webcast: Beyond the questionnaire: Tips to modernize your TPRM program

2023-11-02T14:00:00+00:00Provided by

Join ProcessUnity for a discussion on how forward-thinking TPRM teams are incorporating new relationships, technologies, and techniques to mature their risk-reduction capabilities.

CWE 2023 Supply Chain

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Supply chain due diligence must go beyond self-assessments

2023-11-01T14:00:00+00:00By

So many companies rely on suppliers to self-certify they comply with buyers’ codes of business conduct that the practice is “almost useless,” a panel of experts discussed at Compliance Week’s Europe conference in London.

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Webcast

CPE Webcast: Best practices for third-party due diligence for ethics & compliance

2023-10-31T14:00:00+00:00Provided by

Increased regulatory and consumer scrutiny on the integrity of businesses has shined a spotlight on the reputational risks of unethical business practices involving third parties.

fsoc-risk

Premium

Survey: Risk chiefs feeling pressure from growing compliance mandates

2023-10-25T18:04:00+01:00By

Mounting compliance requirements and technological innovations have chief risk officers facing more complex risk environments, according to a KPMG survey.

Metropolitan Commercial Bank

News Brief

Metropolitan Commercial Bank fined $30M for third-party oversight failings

2023-10-20T20:00:00+01:00By

New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.

Darren Bradshaw, Chief Audit and Compliance Officer, Stellantis

Podcast

Digital Transformation of Compliance podcast: Stellantis CCO Darren Bradshaw

2023-10-17T16:00:00+01:00By

In this episode of the Digital Transformation of Compliance podcast series, Darren Bradshaw, chief audit and compliance officer at Stellantis, shares how the automaker has digitized and automated parts of its compliance function.

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Webcast

CPE Webcast: TPRM privacy compliance: 10 best practices when working with third parties

2023-10-17T14:00:00+01:00Provided by

Businesses are facing an increasing amount of pressure to protect their customers’ data and demonstrate privacy compliance. At the same time, for most modern organizations, more data is flowing to third parties than ever before.

TransUnion

News Brief

TransUnion settles with CFPB, FTC over tenant screening accuracy

2023-10-12T19:34:00+01:00By

Credit reporting agency TransUnion agreed to pay $23 million total across settlements with the Consumer Financial Protection Bureau and Federal Trade Commission for alleged tenant screening and security freeze deficiencies.

OCC

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OCC examiners to focus 2024 attention on risks that led to bank failures

2023-10-10T14:00:00+01:00By

Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.

discover_Web

News Brief

Discover dodges fine in FDIC order over consumer compliance shortcomings

2023-10-03T20:11:00+01:00By

Discover Financial Services disclosed it avoided a monetary penalty in agreeing to a consent order with the Federal Deposit Insurance Corporation over alleged compliance shortcomings at its subsidiary bank.

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Webcast

CPE Webcast: Interagency guidance on third parties: How the expanded scope affects everyone

2023-09-28T14:00:00+01:00Provided by

This webcast will provide an overview of new interagency guidance on third-party relationships, as well as share practical advice to ensure your organization is fully prepared for the expanded scope and what this means for your organization’s TPRM program.

Deutsche Bank

News Brief

Deutsche Bank unit fined $25M in ESG, AML settlements

2023-09-25T17:26:00+01:00By

DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.

ESG

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Experts: How ESG materiality assessments impact compliance

2023-09-22T12:52:00+01:00By

Transparency in environmental, social, and governance reporting has become an important goal, with materiality assessments impacting compliance outcomes, experts said during CW’s virtual ESG Summit.

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Webcast

CPE Webcast: TPRM Program and Technology Modernization

2023-09-21T14:00:00+01:00Provided by

As organizations increasingly rely on third and fourth parties to support critical business services many are assessing their existing capabilities and modernizing their Third Party Risk Management (TPRM) programs and enabling technologies.

Business meeting

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Survey: Tech gaps, third parties pose biggest ABAC threats

2023-09-20T14:07:00+01:00By

A recent survey conducted by Compliance Week and Morgan Lewis determined areas of insufficient resource support to combat bribery and corruption, along with trends in third-party due diligence.

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Resource

Survey Report: Tech gaps, third parties pose biggest ABAC threats

2023-09-19T20:46:00+01:00Provided by

Compliance professionals asked to assess their anti-bribery and corruption efforts indicated resource support deficiencies in areas including staffing and technology, according to a survey conducted by Compliance Week and Morgan Lewis.

GHG emissions

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Experts: SEC or not, Scope 3 GHG disclosure requirements coming

2023-09-19T19:08:00+01:00By

The actions of companies like Amazon and new legislation passed in California prove it’s no longer a question of if companies will be required to disclose their greenhouse gas emissions—it’s a question of when, experts told attendees at CW’s virtual ESG Summit.

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Webcast

CPE Webcast: Seven practical tips for ongoing third-party risk monitoring

2023-09-07T14:00:00+01:00Provided by

Are you staying vigilant when it comes to third-party risk? With more businesses relying on external third parties, it’s critical to monitor third-party risk on an ongoing basis.