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.
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Director, Project Management in Finance (non-banking)3 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.
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.