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5 (More) Good Reasons Why ABAC Compliance Should be a Priority for Boards

Corporate leaders, including boards of directors, are beginning to pay more attention to bribery and corruption risk. Though growing, this trend is not universal. For all too many organizations, anti-bribery and corruption (ABAC) efforts fall far down the “to do” list.

The World Economic Forum – an organization for public-private partnership which has its flagship meeting in Davos each year – thinks ABAC is so important it has created a specific initiative around it. Called the Partnering Against Corruption Initiative (PACI), the group launched a new report, The Future of Trust and Integrity in August 2018. The report talks about how bribery and corruption can be reduced through projects that focus on change in three key dimensions of trust and integrity – institutional, behavioural and technological dimensions. The PACI group is now targeting projects in all three dimensions.

The fact that the World Economic Forum is engaging so explicitly in ABAC should make it clear to boards how important the fight against bribery and corruption is. However, below are five more good reasons why boards should make their ABAC programs a priority:
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Topics: third party risk management, board of directors, reputational risk, board accountability, ABAC compliance, anti-bribery, ethical leadership, duty of care, anti-corruption

Expert Interview: Tom Garrubba on Six Ways Collaboration Can Enhance Your TPRM Program

Collaboration is a term that makes people either cheer or wince. However, today collaboration is essential to be a successful third party risk manager – the discipline has moved well beyond administrative box-ticking. Now, a strong culture of collaboration can help create the right environment to foster TPRM program excellence, and drive real value for organizations.

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Topics: risk and compliance, third party risk management, GDPR, board of directors, governance, tprm, third party risk, risk appetite, board accountability, third party governance, benchmarking, supplier risk, third party supplier, vendor risk, occ compliance, risk assessment, shared assessments, third party risk assessment, standardization programs, gdpr processor, third party risk regulators, regulatory frameworks, internal audit, third party compliance, third party vendor, FFIEC

Expert Interview: Victoria Munoz-Titos on Seven Changes we can Expect to See in TPRM by 2021

Third party risk management (TPRM) could be set to evolve at lightning speed over the next five years, according to Victoria Munoz-Titos, former EMEA, Risk and Control Services at AIG in London. The changes won’t just be accelerated by regulatory demands either. Rather, they will be propelled by a transformation to the way organizations work together, as financial services firms incorporate outsourcing and other types of third party relationships even deeper into their business strategies. Below are the top seven trends that Munoz-Titos sees changing the way firms engage with TPRM and their third-party relationships:

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Topics: third party risk management, board of directors, governance, tprm, risk appetite, board accountability, risk reporting, third party governance, benchmarking, supplier risk, third party supplier, vendor risk, risk assessment

Expert Interview: John Bree on the Top Five TPRM Program Mistakes Firms Often Make

Third party risk management (TPRM) is a relatively new discipline for many financial services firms and so it’s no surprise that organizations are still navigating their way. As firms establish their third party risk programs, there’s many common pitfalls that they can fall into. Knowing about these helps you avoid them, so Aravo recently spent some time with third party management expert, John Bree, to expose some of the more common missteps that he has seen organizations make when it comes to setting up, or enhancing, a TPRM program. 

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Topics: Financial Services, third party risk management, board of directors, governance, tprm, board accountability, third party governance, benchmarking, supplier risk, third party supplier, vendor risk, risk assessment

Cyber resilience and supplier risk: moving beyond compliance

In a speech last week at the Cyber Security Summit and Expo 2017, Nausicaa Delfas, Chief Operating Officer at the FCA, called out cyber risk as one of the FCA’s top priorities and noted its close intersection with supplier risk, and third, fourth and fifth party risk.

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Topics: third party risk management, board of directors, governance, cyber risk, board accountability, third party governance, supplier risk, cyber resiliance, FCA

Third Party Risk Management - Meeting the Expectations of the Board

With the strategic importance of engaging third parties in today's business landscape, coupled with the level of risk that they can bring to the enterprise, it should not be surprising that third party risk management is attracting greater focus from the C-suite and the Board of Directors.

According to the Institute of Collaborative Working, up to 80% of direct and indirect operating costs of a business can come from third parties, while up to 100% of revenue can come from alliance partners, franchisees and sales agents.

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Topics: third party risk management, board of directors, governance, board accountability, third party governance, benchmarking

Sustainable Procurement - Survey Shows Progress Still To Be Made

Sustainability and corporate social responsibility (CSR) are now important or critically important items on the supply chain agendas of organizations around the world, according to a new survey. However, organizations need to continue to drive improvement in the implementation of their sustainability/CSR programs to ensure risks and compliance are managed, and brand reputation protected.

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Topics: third party risk management, Responsible Sourcing, sustainability, csr, risk management, risk mitigation, board of directors, governance, procurement, corporate resonsibility, corporate social responsibility, compliance, brand reputation, ecovadis, hec, sustainable procurement, SP program, global supply chain, reputational risk, compliance risk, regulatory risk, suppliers