Advanced Techniques for Mitigating Third-Party Risks in Compliance

The episode outlines a comprehensive strategy for mitigating third-party risk in compliance. It details advanced techniques, including enhanced due diligence, continuous monitoring, and contractual safeguards, to manage potential compliance, legal, financial, and reputational threats posed by external vendors. A robust framework encompassing enterprise risk management, risk rating systems, and dedicated risk owners is recommended. Furthermore, the importance of cybersecurity and data privacy compliance, regular audits, appropriate insurance, ethical conduct, employee training, and effective incident response protocols is highlighted. Ultimately, the episode advocates for a proactive, multi-faceted approach to minimise the risks associated with third-party relationships

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