Can anyone share best practices around third party due diligence? Specifically the screening process around third party trade compliance screening. I am open to discuss directly with respondents as well.
1.3k views1 Comment
Sort by:
Director, Project Management in Finance (non-banking)2 years ago
According to my assessment, this can vary depending on the industries.
- Screen the third party against restricted party lists and conduct on-site visits/audits - Define risk criteria and perform a risk assessment to prioritise screening - Monitor the third party continuously to maintain compliance
Screening for third-party trade compliance is essential for reducing the risks involved in working with third parties. Businesses can guarantee compliance with legal and regulatory requirements by setting risk criteria, carrying out a risk assessment, screening against restricted party lists, carrying out on-site visits/audits, and monitoring continuously.
For insurance companies, do you use same or different billing systems for direct vs agency billing?
Same billing system for direct bill and agency bill globally
Different billing system for direct bill vs agency bill globally
No global system but systems vary by region/ country/ product
View Results
Looking for retirement industry peers that are looking to or currently evaluating, and/or recently implemented Pension Administration Systems. Who are the contenders you are considering for your next PAS?
According to my assessment, this can vary depending on the industries.
- Screen the third party against restricted party lists and conduct on-site visits/audits - Define risk criteria and perform a risk assessment to prioritise screening - Monitor the third party continuously to maintain compliance
Screening for third-party trade compliance is essential for reducing the risks involved in working with third parties. Businesses can guarantee compliance with legal and regulatory requirements by setting risk criteria, carrying out a risk assessment, screening against restricted party lists, carrying out on-site visits/audits, and monitoring continuously.