Third-Party Questionnaire

Understand Your Third-Party Risks

Protecting your organization from the reputational and regulatory risks associated with your third-party universe is a major responsibility for compliance and procurement professionals.

To accomplish this task, you must effectively manage your third-party relationships from the start. With the Kroll Compliance Portal's Third-Party Questionnaire, you can oversee third-party management from one organized and consistent platform. Here a few key benefits:

Conducting Proper Third-Party Due Diligence

It all starts with taking a risk-based approach. For multinational corporations and financial institutions alike–third-party, customer, partner and investment risks abound. Many third-party risks inherent in multinational supply chains can be identified–and thus mitigated–through the use of a systematic risk assessment process. The process begins with empowering your third parties and collecting relevant information at scale, helping you understand each third party’s risk profile and make decisions accordingly.

What Should My Questionnaire Include?

Sometimes spotting clear risks is as simple as asking the right questions. Aside from the standard identification questions, consider if your third-party onboarding process answers the following:

• Do you know the identity of your suppliers’ ultimate beneficial owner(s)?
• Can you see a clear rationale for their business model or invoicing structure?
• Are you aware of the third party’s full range of services and countries of operations? Are these compatible with your organization’s risk appetite?
• Do you know the extent to which your suppliers are dependent on local officials, be it permits, authorization, or as a sales channel?

Through an appropriate onboarding process, you can optimize your third-party management processes while reducing or mitigating the associated risks. Talk to an expert today to learn more about how the Kroll Compliance Portal’s Third-Party Questionnaire can improve your compliance program.