Managing Third Party Relationship Risks
How well do you know your third parties?
As international trading companies in Europe and across the world look to new markets in an attempt to keep profit margins at acceptable levels during this prolonged economic slump, legal and compliance teams must ensure that not only their internal compliance systems are robust but also maintain a cost effective and efficient third party screening and monitoring programme to facilitate not only the expansion of trade into new regions but also protect your organization against increasing risks which exist in more traditional markets.
Companies across all sectors must be able to account for their suppliers, distributors, freight forwarders, agents, brokers, advisors and joint venture business partners to ensure these third parties are not potentially exposing your organisation to significant commercial losses, reputational damage and regulatory fines through their actions. Potential liability can arise from anywhere including corruption and bribery allegations, breach of economic or trade sanctions or global export controls, potential fraud and money laundering, or anti-competitive behaviour. Both prime contractors and all third parties down the supply chain must implement robust screening, due diligence and monitoring systems and be ready to answer questions, produce documents and have sufficient checks on their own third parties in order to win and retain business.
C5’s forum Managing Third Party Relationship Risks will bring together a leading faculty of experienced in-house and private practice lawyers, compliance executives to discuss not only the hottest regulatory risks but also potential reputational and commercial risks which must be considered at the outset of any relationship. Throughout this forum legal and compliance experts from some of the world’s largest companies will discuss the biggest risks they consider when engaging with third parties. Use this opportunity to benchmark your practices and pick up critical knowledge from the international third party compliance community by participating in such critical discussions including:
- How to Categorise Third Parties as Low, Medium and High Risk by Asking the Right Questions: Effectively Taking a Risk Based Approach
- Successfully Negotiating Adequate Clauses in a Third Party Contract: Audit, Inspection and Termination Rights
- Identifying Key Areas of Concern in Regards to Corruption and Bribery Risks and working with your Business Partners and other Third Parties to Minimise Exposure
- Maintaining Robust Ongoing Monitoring Systems on Third Parties: What to do When a Problem is Uncovered Mid-Relationship
- Assessing Reputational and Commercial risks presented by a Third Party’s Business Practices: Deciding what is and is not a Deal-Breaker
- Taking Responsibility for Third Party Compliance: How much Training and Support Should Be Given to a Third Party?
Use this opportunity to benchmark your practices with leading local and international organisations and pick up critical knowledge from the European compliance experts. This is an outstanding career, business networking and information sharing opportunity.
Tags: ACI, Anti-corruption, Legal conferences, Legal Events, Litigation strategies
