Third Party Relationships
Third party relationships, now it is the time to review and reassess it. The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses; this is having an impact on the third-party relationships businesses have.
It’s highly probable that, 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 of relationships with an outside provider that 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, as well as 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 level of access to your sensitive data or your 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.
CRI Group’s 3PRM™ Third-party risk management strategy can safeguard your organisation against unwanted business dealings and risk from the third party. Has your organisation vetted its third-party relationships lately? 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, Compliance Solutions 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.
In 2016, CRI Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification.
ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. Contact ABAC® for more on ISO Certification and training.