When your organisation is using third parties, it is essential to complete your own due diligence equal to the risk faced from the said relationship. With businesses and partnerships around the world growing, it is essential to make sure all your relationships and third parties are legal and legitimate. VinciWorks’ guide to risk based third party due diligence will give you a clearer understanding of how to conduct a detailed and genuine risk assessment.
What are the crucial steps in conducting risk based due diligence?
Understanding risk management and third party relationships will help protect your organisation and customers from any issues; whether they are bribery, corruption, tax evasion, modern slavery, money laundering, data security, or other compliance problems. Listed below are the key steps to running proper risk due diligence when working with third parties:
- Identify the third party
- Complete a third party risk assessment
- Do your due diligence regarding the third party
- Implement proper risk mitigation
VinciWorks’ guide to risk based third party due diligence has been taken from the VinciWorks resource page, together with a host of other helpful resources.