Compliance: Third-Party Oversight
Failure to ensure third parties act appropriately can result in severe negative consequences for an organization. An organization cannot rely only upon its own personnel to act in a compliant manner. The actions of an entity’s third-party stakeholders, including agents, partners, representatives, intermediaries, suppliers, and vendors, can have a dramatic impact on the legal obligations and liabilities, operational efficiencies, and brand reputation of the entity. It’s necessary for organizations to ensure that their third-party stakeholders also implement and manage compliance programs that address the risk areas. At Gemean, we assist clients in reviewing, designing, and overseeing their third-party stakeholder compliance programs:
- Assessment of regulatory and operational risk arising from contemplated business transactions
- Designing and implementing third-party risk mitigation strategies
- Reviewing, designing, creating, implementing, and improving vendor and supplier codes of conduct
- Assessing and implementing improvements to various department such as purchasing, procurement, and supply systems for vendors
Are you ready to discuss your third-party oversight needs?
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