Due Diligence 101: Onboarding Third Parties

This podcast episode of "The New Compliance Officer’s Playbook" details the crucial process of third-party due diligence. It outlines key steps, including risk assessment, background checks (sanctions, litigation, financials, reputation), and regulatory compliance (e.g., FCPA). The episode stresses the importance of contractual safeguards (audit rights, termination clauses, indemnification) and continuous monitoring to maintain compliance. Effective communication and training with third parties are highlighted as essential for successful onboarding and ongoing risk mitigation. Finally, the hosts emphasise that due diligence is an ongoing commitment, not a one-time task.

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