Third-Party Due Diligence Best Practices: Uncovering the Things You Need to Know
Employing third parties to boost business growth can be promising. However, the everchanging regulatory landscape combined with new data hungry products, services and technologies from third parties can make managing the risk of using third parties complex and difficult.
Managing these risks is mission critical if your organization is to survive. You must have an efficient, proactive, risk-based approach to manage these complexities and feel confident in the risks you are managing – otherwise the worst can happen.
Join a panel of key thought leaders and professionals assembled by The Knowledge Group as they bring the audience to a road beyond the basics of third-party due diligence. Speakers will provide an in-depth discussion of current trends and best practices to manage and take on the right risks, so you can keep your competitive advantage.
This LIVE Webcast will discuss the following:
- Foreign Corrupt Practices Act Enforcement Trends
- Third Party Risk Management
- Risks Issues and Pitfalls
- Leveraging Opportunities
- Best Compliance Practices
- Risk Landscape
- The constantly changing risk scene due to products, services, technology and data and how third-party risk management is forming to these complex variables.
- Framework and Process
- A defined yet flexible approach to managing third parties helps organizations better identify and manage their third-party risks.
- Difficulties in Management
- Knowing who, what and how to manage third party risk is difficult. Many organizations believe the same process, data and techniques are required across their vendor landscape and attempt to put a cookie cutter process in place to manage this. That might work for some risk that vendors pose but often it becomes ineffective.
Hughes Hubbard & Reed LLP
Hughes Hubbard & Reed LLP
- Legal standards for vetting and reviewing third parties
- Discussing relevant laws including the FCPA, UK Bribery Act, Sapin II, and any other relevant jurisdictions
- Definition and classification of third parties
- The required type of review (and why due diligence review is necessary)
- Case studies
- Different industries, different regulatory agencies, noteworthy results
- Identify key trends in enforcements and due diligence requirements related to the use of third parties
- Best practices: Risk-based approach, ongoing third-party monitoring, and the assimilation and centralization of third party information
- How to conduct risk-based due diligence review (areas of heightened risk)
- The role of the red flag: examples, what it means (i.e. disqualification is not always required), and when/how to know if mitigation is available.
Navigant Consulting LLC
- Third party risk management:
- Various levels of due diligence and types of risks which can be identified through each level.
- Establishing due diligence practices that are right for your organization
- Risk Issues and Pitfalls
- What should organizations do with regards to risks identified through due diligence
- Leveraging Opportunities:
- Utilizing due diligence to assess the risks of the new opportunity and maximize return on investment
Who Should Attend:
- Chief Information Officers
- Chief Information Security Officers
- Chief Technology Officers
- Chief Risk Officers
- IT Risk Managers
- IT Directors
- Information Security Managers and Directors
- Procurement Professionals
Sam Abadir has over twenty years of experience helping companies realize value through improving processes, identifying performance metrics, and understanding risk. Early in Sam’s career, he worked directly with financial institutions and manufacturing companies to help them realize institutional value. As a Senior Manager at Deloitte, he focused on improving processes and increasing value for Global 2000 companies. In the past seven years, Sam has worked with software companies like Lockpath to build the tools that help companies manage risk and create value that enhance performance in a structured and efficient manner.
Sam Abadir has over twenty years of experience helping companies realize value through improving processes, identifying performance metrics, and understanding …
Michael H. Huneke is a partner with significant experience conducting anti-corruption investigations and compliance program reviews. He advises clients in matters involving the U.S. Foreign Corrupt Practices Act (“FCPA”) and the U.K. Bribery Act, corporate governance and compliance, World Bank and other international financial institution matters. Mike performs anti-corruption investigations and due diligence efforts around the globe, including in connection with the U.S. Department of Justice, U.S. Securities & Exchange Commission, Serious Fraud Office, World Bank and other multilateral development bank inquiries. This experience includes conducting corporate compliance monitorships and compliance program evaluations. He has assisted U.S., European, and Asian clients in designing, administering, and maintaining anti-corruption, integrity compliance, and corporate governance programs.
Michael H. Huneke is a partner with significant experience conducting anti-corruption investigations and compliance program reviews. He advises clients in …
Ernesto J. Alvarado is an associate in the Washington, D.C. office of Hughes Hubbard & Reed. Ernesto assists clients with matters involving the Foreign Corrupt Practices Act, U.K. Bribery Act, international anti-corruption law and compliance, third-party due diligence, and internal investigations. He has conducted reviews of client operations in the oil & gas, defense, and aerospace industries, and has conducted due diligence on business partners and commercial consultants throughout the world. In addition, through a secondment to a large multinational defense company, Ernesto provided general in-house legal advice on numerous topics ranging from due diligence activities and risk analysis to compliance trainings for internal and external parties. Prior to joining Hughes Hubbard, Ernesto interned at the U.S. Department of Justice (DOJ) where he assisted in facilitating the extradition request for individuals charged with war crimes during a military dictatorship in Latin America. Additionally, he worked in the Office of the Inspector General for the Organization of American States (OAS) where he participated in internal investigations, audits, and prepared final reports for the OAS General Assembly.
Ernesto J. Alvarado is an associate in the Washington, D.C. office of Hughes Hubbard & Reed. Ernesto assists clients with …
Irene Pasternak is a Director in Navigant Consulting’s Global Investigations and Compliance practice in Washington, D.C. She has 14 years of experience in the fields of anti-bribery and corruption (“ABC”), anti-money laundering (“AML”), international sanctions and anti-fraud compliance, investigations and remediation. She is fluent in English, Hebrew, and Russian, and has advanced Ukrainian and basic French language skills.
Irene’s responsibilities have included a variety of domestic and international due diligence, compliance and investigative engagements. She participated in and managed regulatory compliance reviews, procurement reviews, transaction tracing and analysis, assessment of internal controls, data analysis and interviews. She has also been involved in the development and implementation of regulatory compliance programs and regulatory compliance training. Irene began her career as a consultant at the Department of Institutional Integrity of the World Bank where she was engaged in a variety of complex fraud and corruption investigations in Eastern Europe and Central Asia. During her subsequent work in the private sector, Irene played a key role in the development and implementation of ABC, AML and international sanctions compliance review methodologies as well as risk assessment and risk mitigation tools and applications.
Irene Pasternak is a Director in Navigant Consulting’s Global Investigations and Compliance practice in Washington, D.C. She has 14 years …
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Method of Presentation:
General knowledge of third-party due diligence
NY Category of CLE Credit:
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Lockpath is an enterprise software company that helps organizations understand and manage their risk. The company’s line of integrated risk management solutions provides companies with the means to efficiently and effectively identify, manage, and monitor risks, for a more agile and resilient business. Lockpath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises in more than 15 industries. For more information on Lockpath and the Keylight and Blacklight Platforms, visit lockpath.com.
About Hughes Hubbard & Reed LLP
Hughes Hubbard & Reed LLP is an international law firm ranked for ten years, including five years in a row as the top-ranked New York-based firm, on The American Lawyer’s A-List of what the magazine calls “the top firms among the nation’s legal elite.” Our attorneys advise and represent clients in over 30 specialized practices from offices in New York, Washington, D.C., Paris, Los Angeles, Miami, Jersey City, Kansas City, and Tokyo. For more information, please visit www.hugheshubbard.com.