Is it the Time to Review and Reassess Your Third-Party Relationships?
The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses; this impacts third-party relationships businesses have. At some point, organisations that affiliate with outside providers will eventually have to deal with any number of operational interruptions resulting from a third-party relationship-related issue. And while the risks involved in partnering with outsiders haven’t changed over time, the potential level of liability has been ratcheted up several notches.
International Borders have been ripped down. Technology has improved the way businesses communicate. Easy access to data and information enables the media to report on business news before a business can respond. Consequently, the markets are quick to react based on this 24/7 on-demand news cycle. The result of this increased liability can be highly problematic:
- Business litigation has skyrocketed.
- Corporate reputations are negatively impacted due to the fallout from the current global pandemic.
- Risk management frameworks are continually evolving to acclimate to changing business environments.
- Board members are becoming increasingly subjected to intense scrutiny from outside critics.
THE CHALLENGE: The Global Business Climate is Changing. So Are Your Third-Party Partners.
- Organisations suffer financial loss as the supply chain falters and loses customers because of poor-quality service from a third party.
- Company data systems are exposed and breached because of poor security practices by third parties.
- Companies are experiencing supply chain issues due to poor disaster recovery procedures by third parties.
- Organisations are increasingly being exposed to litigation because relationships with an outside provider significantly violated contractual terms, potentially resulting in regulatory exposure.
If your organisation requires any of the following within your compliance checklist, then you must consider a third-party risk management solution:
- Have a lack of visibility or understanding danger of the risks posed by your relationships with many types of third parties?
- Want greater visibility into third-party performance and risks?
- Need to improve operational costs, process, efficiencies, and organisational agility associated with your third-party relationships?
- Need to gain greater control over the related risks?
- Want to be confident that third parties are compliant with your business’ policies and their own based on government regulations and industry requirements?
The role or size of the third party is not as important as the nature of the relationship they have with your business. Think of your third-party access to your sensitive data or property! A cleaning company with access to your filing cabinet represents a different but still significant risk. And remember, you are accountable for the inappropriate actions of any of your third parties.
THE SOLUTION: 3PRM: A Third-Party Certification Program; Qualify Your Partners. Protect Your Organisation.
Corporate Research and Investigations Limited (CRI Group™) is pleased to announce the rollout of its 3PRM-Certified™ program, specifically designed for organisations across the Middle East, Europe and Asian regions.
This highly specialised Third-Party Risk Management assessment and certification program was developed to help organisations accurately determine the legal compliance, financial viability, and integrity levels of outside partners, suppliers, and customers who seek to affiliate with and represent your business.
The 3PRM-Certified™ program consists of gap analysis and investigative due diligence on targeted third-party partners, suppliers and agents seeking to affiliate with your organisation. This highly thorough program can reveal any anti-corruption, compliance and risk management deficiencies associated with the international regulatory framework.
CRI® Group employs a network of locally qualified, subject-specific auditors, investigators, certified fraud examiners and industry-specific professionals across the Middle East, European and Asian regions who can provide expert counsel in offering 3PRM-Certified™ strategies as an effective pre-emptive measure.
OUTCOMES – Identifying red flags
- Undisclosed third-party transactions
- Material misrepresentations or omissions
- Unreported financial liabilities
- Criminal or regulatory sanctions
- Prior bribe or corruption allegations
- Undisclosed legal or bankruptcy proceedings
- Politically Exposed Persons (PEPs)
RESULT: A highly educated market responds immediately with their pocketbooks.
Has your organisation vetted its third-party relationships lately? CRI Group’s 3PRM™ Third-party risk management strategy can safeguard your organisation against unwanted business dealings and risks from the third party. Contact CRI Group to learn more about our 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous threats posed by third-party partnerships.
We look forward to assisting you. Feel free to reach out to our CEO, Zafar I. Anjum, MSc, MS, LLM CFE, CIS, MICA, Int. Dip. (Fin. Crime), Int. Dip. (GRC), MBCI, CII Int. Dip. (AML) | e: email@example.com | t: +44 7588 454959
Who is CRI Group™?
Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
We’d like to share with you 10 great reasons to partner with CRI Group™ today:
- CRI Group’s Personal Touch: Our high level of service sets us apart from our competitors: As your partner, our team become members of your team – working for you with our “boots on the ground” approach to gathering information. Our experts excel at deterring, detecting and investigating fraud and other crimes against businesses.
- Our Vast Business Intelligence Network: We access information from 180 countries, gathering local knowledge in places our competitors cannot. Our presence in Pakistan, Oman, Turkey, Saudi Arabia, Libya, Qatar, Egypt, Kuwait, Bahrain, as well as other countries in Africa and the whole of Southeast Asia, means that many of our competitors contact us for information from those countries.
- Competitive Pricing: CRI Group™ does not maintain the high overhead of larger firms, many of which lack our specialisation and level of individual client attention. We work within your budget, as CRI Group’s prices are consistently lower than our competitors’ rates.
- “3PRM” – Our Third-Party Risk Management Strategy™: At CRI Group™, we have developed our own comprehensive service for helping clients manage third-party risks. Our team of experts provide the highest level of protection for companies worldwide.
- CRI Group’s Wide Knowledge Base: Our experts come from a variety of professions and possess industry knowledge and experience serving clients spanning the oil and energy, banking, investments, international finance, and public and privately held multinational business sectors. CRI Group™ professionals work closely with your business to analyse systems and develop effective solutions that reduce the risk of your company falling prey to employees, suppliers or outside crime.
- Our Background Checks Catch Everything: CRI Group’s background screening and pre-employment screening services expose vulnerabilities and threats within your organisation and can significantly reduce the potential of business and financial crime, fraud and malpractice from occurring within your workplace.
- We’re Recognised and Acclaimed: As well as winning awards for “Anti-Fraud Advisor of the Year,” “Leading Adviser in UAE”, and “Business Due-Diligence Firm of the Year,” CRI Group™ is also working towards the “Investors in People” accreditation.
- We are Discreet: Let’s face it; there are some problems you just don’t want announced to the world. Fraud, internal investigations, due diligence or liability issues – CRI Group’s experts are trained to maintain the highest levels of client confidentiality. We keep your private business private.
- Our Updates Keep You in the Know: As industry experts, we offer a publication called Fraud 360, which is produced on a quarterly basis, with monthly email updates offering awareness, knowledge, latest trends and helpful advice for companies on fraud. If you would like to be on our mailing list, please subscribe here.
- CRI Group™ is Truly International. We maintain offices in UAE, Turkey, Pakistan, Qatar, Singapore, Hong Kong, the United States and the United Kingdom. For more information, please visit www.crigroup.com.