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Posts Tagged ‘third-party risks’

Dealers, Drugs, and FCPA Insight

dealers

I always welcome questions from compliance and audit professionals, and the following came to me last week: “What type of third party falls under ‘dealer’ for FCPA purposes?” The compliance officer who posed this question works at a company under settlement with the Justice Department for overseas bribery. He’s building up the company’s third-party oversight…

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Supply Chain Risk: We’re Looking at It Wrong

I was reading the New York Times this weekend when an article jumped out at me: yet another example of misconduct in a large company’s supply chain suddenly bursting into public view, bringing grief to a company that clearly hadn’t known trouble was afoot. Ethics and compliance officers should take note. When we dissect exactly…

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Stats on Third-Party Oversight

third-party

Uneasy with your company’s third-party risk? Looking for some validation that your organization is normal? No worries — a fresh survey from Deloitte confirms that plenty of other organizations have only a precarious grip on their third parties, too. The report, released Tuesday and based on data from a Deloitte webcast held in October, found…

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SEC Dings Vantage $5M on FCPA Issues

fcpa

Texas-based Vantage Drilling International has agreed to pay $5 million in disgorgement to the Securities and Exchange Commission for sloppy FCPA accounting controls that let the company’s largest outside director and various third parties pay bribes to Brazilian government officials in the 2000s. The SEC’s settlement order recounting the failures reads like a long, torturous…

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Survey: Third-Party Data Risk Still a Mess

third-party

Another year, another report confirming what most compliance and IT security officers already know: third-party vendors are an enormous security and privacy risk, and oversight of those parties is a mess. That’s the message of a report released Thursday by Opus and the Ponemon Institute, which surveyed more than 1,000 IT and data security professionals…

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Update on Third-Party Risk Programs

third-party

Navex Global gave a sneak peek this week of its latest report on third-party risk. The headline: too many compliance departments still rely on paper-based systems to track third parties, and therefore too many probably underestimate the risks their third parties truly pose. The 2018 Navex Global Third-Party Risk Management Benchmark Report, which surveyed 1,200…

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Bad Control Environments Ruin Everything

automation

The compliance and audit worlds like to rely on lingo such as “control environment” and “control activities” all the time. The scandal of Corporate America’s payments to Michael Cohen, personal lawyer and fixer to President Trump, reminds us what those words really mean, and why a bad control environment can sour all the control activities you…

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Feds Eye Cybersecurity Risks of Tech Providers

cybersecurity

Financial regulators just named cybersecurity as one of their top concerns going into 2018, with a heap of worry specifically about third-party contractors supporting the financial system. So for compliance officers looking for yet another reason to move third-party risk management up the priority scale, now you have one. The alarm was raised last week…

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New Report on Third-Party Risk

Navex Global released its newest survey of third-party risk management on Thursday, a report full of statistics that’s well worth reading if you’re a compliance officer trying to benchmark your own program against what other companies do. More than anything else, the numbers in the report tell me that companies’ approach to third-party risk is…

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Some Other Posts Worth Reading

compliance

Occasionally I write guest posts about compliance and governance topics elsewhere on the Web. Three of those posts have recently gone live, one about third-party risk management and two others about the proper love and care of SOX compliance programs. If you just can’t get enough of me, here is a run-down of where to…

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