Third-Party Management: A Risk-Based Approach - Part 2: Stephanie Font - Questionnaires and Due Diligence
Thomas Fox
The Voice of Compliance*Founder of The Compliance Podcast Network*Evangelizing for and Serving the Compliance Community
Welcome to a special 5-part podcast series sponsored by Diligent. Over this series, we will consider a risk-based approach to third-party risk management and visit with Michael Parker, the Director of Consulting and Advisory Services; Kairi Isse, Group Manager of Managed Services Group, Productions; Adam Bailey, Senior Vice President, Product Management and Alexander Cotoia, Regulatory Compliance Manager from the Volkov Law Group.
In this Part 2, I visit with Stephanie Font, on the need for evaluation of potential third-party through questionnaires and determination of the necessary due diligence investigations to comply with regulations, while navigating using questionnaires to uncover the truth.
What is the importance of understanding regulations and risk factors when creating questionnaires to help with due diligence? Through understanding the risk model and what specific regulations the company needs to comply with, creating effective questionnaires to help with due diligence can become easier. Stephanie also found out that having a due diligence risk management system can automate some of the processes and help flag any potential risk factors. With the help of questionnaires and due diligence, Stephanie was able to learn how to effectively document and investigate potential third parties.
Key Highlights:
Are you considering a third-party questionnaire for your organization? With so much debate around what should be asked, and how detailed you should be, it can be hard to know where to start. In this 5-part blog post series, sponsored by Diligent, I will consider the full range of third-party risk management. Today, we consider the third-party questionnaire and I am joined by Stephanie Font, the director of the Operations Optimization Group at Diligent as we discuss third-party questionnaires and due diligence investigations.
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With recent announcements of increasingly stringent federal policies around record-keeping and due diligence, compliance, and investigation professionals are feeling the pressure to demonstrate consistency and rigor in their case management processes.
Planning your investigation, having the right team members involved, and reporting on the outcomes of an investigation can all be difficult phases of the process.
However, being able to demonstrate that you are quickly, consistently, and accurately triaging incidents is even more important now.
The key is to establish decision-making approaches and plan out your entire protocol before the matter comes to your attention through hotline reporting or other mechanisms. This ensures structure and success as you triage, investigate, staff the investigation properly, and meet the inevitable challenges of reporting and addressing the root causes of incidents.
Join compliance expert Tom Fox on March 28th at 2 PM ET?as he explores these topics and more.
This webinar will provide a guide to key triage best practices, including:
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