TPRM compliance program: Are you establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business?

It’s highly probable that, at some point, organisations that affiliate with outside providers will eventually have to deal with an operational interruption resulting from third-party related issues and inappropriate conduct. The risks involved in partnering with outsiders hasn’t changed over the centuries. It’s the potential liability that’s been ratcheted up several notches. International boarders 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 properly respond. And the markets are quick to form opinions based on a 24/7 on-demand news cycle. The result of this increased liability is problematic. Business litigation has skyrocketed. Corporate reputations are constantly being assaulted. Business strategies are forever shifting. Board members are becoming increasingly subjected to intense scrutiny from outside critics and a highly educated market responds immediately with their pocketbooks.

Discover how to demonstrate a resilient and defensible Third-Party Risk Management Compliance (TPRM) Program with 3PRM™ Services

CRI Group has a network of local subject specialist operatives across the Middle East, Europe, South American and Asian regions to extend a helping hand and offer enhanced integrity due diligence being pre-emptive measures against:

  • Experiencing financial loss when a third-party provider failed.
  • Losing customers because of poor-quality service from a third-party.
  • Exposing breaches to data systems because of poor information security practices by a third-party.
  • Experiencing supply chain issues due to poor disaster recovery procedures by the third-party.
  • Being exposed to litigation because of relationships with an outside provider that significantly violated contractual terms, potentially resulting in regulatory exposure.

When Working with third-party providers, CRI Group designed a solution: 3PRM-Certified™. This proactive approach includes Integrity Due Diligence, Enhanced Due Diligence, Anti-Bribery and Anti-Corruption Compliance Solutions (incorporating ISO 37001 Anti-Bribery Management System accredited certification and training) to mitigating the risks involved with third-party affiliations to protect the organisation from liability, business interruption and brand damage.[/vc_column_text]

3PRM-Certified™ a third-party compliance verification and certification program

As the risk for data breaches and supply chain disruption continues to rise with COVID-19, so does the need for an effective third-party risk management (TPRM) programs. Whether you’re a TPRM professional looking for a certification to advance your skillset, or the leader of your organisation considering how to better equip your team with the best knowledge and skills, 3PRM-Certified™ program is a all  in solution. Our 3PRM™ service is flexible and we tailor our scope to address an organisation’s specific concerns and risk areas. Our extensive solutions include due diligence, employee pre- and post-background screening, business intelligence and compliance, facilitating any decision-making across your business no matter what area or department. Get ahead of any potential problems down the road with suppliers, contractors, and other third-party partners. Contact CRI Group today and learn more about our third-party due diligence and risk management solutions.

CRI Group’s exclusive 3PRM-Certified™ solution provides the very best in third-party risk management. Our 3PRM-Certified™ program provides a proactive approach to mitigating risks from third-party affiliations, protecting the organisation from liability, brand damage and harm to business. The 3PRM-Certified™ program includes a focus on the following:

  • Providing third-party risk assessments
  • Meeting contracting requirements
  • Conducting due diligence
  • Identifying potential fraud risks
  • Providing management oversight

Utilising a network of trained professionals positioned across five continents, CRI Group’s 3PRM services utilise one of the largest multi-national fraud investigation teams the industry has to offer. The 3PRM-Certified™ program is especially critical when your business is performing pre-merger and acquisition research and pre-IPO due diligence, engages new clients, employs, contracts or retains foreign business partners and requires a consistent and audit-worthy AML and anti-corruption compliance program.

> Learn more about TRM, check out our 3PRM-Certified™ brochure!

This TRM Strategy program will help organisations in establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. Third-party relationships are critical in business today, and include partnerships with suppliers, distributors, consultants, agents and other contractors. While such affiliations are essential to the success of your organisation, the consequences of inadequate due diligence cannot be overestimated.

Inadequate Procedure 

December 2013: Over US$2.8 million for failing to have in place appropriate checks and controls to guard against the risk of bribery or corruption when making payments to overseas third-parties, breaching the FCA’s principle on management and control. Between 19th February 2009 and 9th May 2012, the organisation received almost $33 million in gross commission from business provided by overseas introducers and paid them over $18 million in return. Inadequate systems around these payments created an unacceptable risk that overseas introducers could use the payments made for corrupt purposes, including paying bribes to people connected with the insured clients and/or public officials.

Regulatory action is not a US or UK phenomenon alone but is increasingly becoming a global issue. Regulatory thinking around third-party risks in some other jurisdictions is highlighted below:

  • Singapore: The Monetary Authority of Singapore (MAS) has stated that it “is particularly interested in material outsourcing which, if disrupted, has the potential to significantly impact an institution’s business operations, reputation or profitability and which may have systemic implications.”
  • Australia: The Australian Prudential Regulatory Authority (APRA) aims to ensure that all outsourcing arrangements involving material business activities entered into by a regulated institution are subject to appropriate due diligence, approval, and ongoing monitoring.
  • Hong Kong: The Hong Kong Monetary Authority (HKMA) states that institutions “should not enter into, or continue, any outsourcing arrangements [that] may result in their internal control systems or business conduct being compromised or weakened after the activity has been outsourced.” – Source: Deloitte Report

Let’s Talk!

If you have any further questions or interest in implementing compliance solutions, please contact us.

About 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 ManagementEmployee Background ScreeningBusiness IntelligenceDue 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.

In 2016, CRI Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management SystemsISO 19600:2014 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. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.

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