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Third Party Risk Management Training: The Essentials

Third Party Risk Management Training: The Essentials

Reducing—if not completely eliminating—the risks of working with third party vendors is a necessary part of your business. If your organization is outsourcing a process, you’ll want to make sure there are safeguards in place that protect your business and vendors. Here’s how a third-party management risk training can improve things for the better:

The numbers

The Organisation for Economic Co-operation and Development (or OCED) says that about 75 percent of the foreign bribery cases prosecuted in the United States involved payments coursed through third parties. That means there’s a lot of potential for violations and non-compliance.

The benefits

By allowing your employees to undergo a third party risk management course, they gain better knowledge of what constitutes a risk, how to identify potential ones and how to resolves those issues in a speedy and efficient manner. The training also serves to remind your staffs of what situations are ripe for bribery, keep them on guard against common vendor violations and learn how to avoid them in the future. It can improve their anti-corruption tendencies to ensure your organization stays corruption-free.

The anti-corruption prevention

Third-party risk management training can also help your staff identify any and all violations with your existing vendors and take immediate measures to cut ties with them. As a preventive measure, the training works to ensure you can go through your roster of third party vendors, check it for violators and proceed to clean house. If you decide to give the vendor another opportunity, a trained staff will have the ability to look out for the signs that the vendor has engaged in a second infraction or more.

The training

Selecting the right training program for this is crucial. You’ll want to approach reliable and dependable training providers. Consider long-term experience and reputation in the business. These can help you determine which providers can provide you with the programs and modules that suit the needs of your team and organization. Check the company’s lineup of programs and trainings. Examine the range of options you can explore. For better results, you might want to consider undertaking several of the courses – one after another. Succeeding programs can build on the knowledge and training of previous ones, providing your team with everything they need to get the job done and done right.

For more information on third-party risks and how to manage them, Compliance Education Institute LLC today.

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