EthicsPoint Third-party Risk Assessment QuickStart Service
Help Mitigate Your Brand and Reputational Risk
Today’s competitive global marketplace requires many essential business activities to be outsourced to an ever-increasing number of vendors, suppliers and agents (VSAs). At the same time, the real and reputational operating risks posed by third-party relationships are steadily increasing. And, in parallel, the regulatory pressures from anti-corruption legislation like the Foreign Corrupt Practices Act in the U.S. and U.K. Bribery Act are compounding your organization’s risk in employing third-parties.
Companies are finding it cumbersome and expensive to adequately calculate and properly assess the risk levels posed by third-party entities. That’s where EthicsPoint's Third-party Risk Assessment QuickStart Service can help.
Datasheet: Third-Party Risk Assessment QuickStart
Datasheet: Issue & Event Manager: Enterprise
Datasheet: Professional Services
What is the process of a Third-party Risk Assessment? ►
EthicsPoint's Third-party Risk Assessment QuickStart Service reduces the liabilities associated with employing third-party vendors by combining our model of review, acceptance and contract with a patent-pending risk analysis engine that incorporates global risk indices, our client’s sensitivity to seven sources of risk and the materiality of each of their vendors, suppliers and agents on their operations.
Clients are presented with a workbook designed to be a clear and concise guide to capturing the needed VSA information. Based on that information, we then select a certain number of VSAs for the deeper, risk ranking analysis portion of the process, reducing costs and expedites the reporting needed for decision making. After the risk-ranking process is complete, EthicsPoint will provide you with specific reports that present you with a clear view into potential sources of liability for further consideration. You will also have an opportunity to perform additional diligence relating to organizations and/or principals that you select based upon their risk rank.
What does a Third-party Risk Assessment include? ►
EthicsPoint’s Third-party Risk Assessment QuickStart Service allows your organization to:
- Proactively identify liabilities associated with third-party non-compliance or individual bad acts
- Better manage procurement’s international sourcing for higher quality delivery & terms
- Create an environment that reinforces a good faith compliance effort that limits legal liability
- Drive immediate insight into the current state of risk posed by vendors, suppliers and agents
- Enable a faster decision making process to integrate vendors with strong risk management practices into the supply chain, speeding time to market or greater efficiencies and profitability
Who can benefit from Third-party Risk Assessment? ►
The Third-party Risk Assessment QuickStart Service is meant especially for companies that:
- Conduct business across geographies with a robust vendor, supplier and agent network
- Need a fast, cost-efficient vendor, supplier and agent risk identification process
- Endeavor to establish a proactive defensible legal position
- Maintain a vigorous Corporate Social Responsibility program
- Want to proactively identify and control third-party risks
- Seek to implement a sustainable approach to third-party risk and compliance
What Next? Learn about our Custom Consulting Engagement service.
