In an evolving business climate with increasing scrutiny, we are reminded that due diligence is not a one-time event, but an ongoing process. The days of a one-time investigation leading to single report used only when regulators come around are long gone. What value is that view three years, or even 6, 8, 12 months from now?
Can you put together a successful risk mitigation plan without a complete picture of the entire relationship that includes real-time issues? When you conduct due diligence, you are getting a single snapshot of a third party’s integrity profile. However, after you engage, issues can arise at any time. In order to stay aware of post-engagement actions and deal with current issues, you need to conduct ongoing due diligence.
An effective ongoing due diligence program not only serves the best interest of the organization as a whole but also senior management. Yet, program acceptance and actual execution can be influenced by perception of third party risks, administration costs, available resources and management commitment.
During this webinar, The Red Flag Group will discuss these forces and how ongoing due diligence can provide powerful insights and indicators that can help you make more informed and timely decisions to grow the business and curtail risks. Our experts provide an overview of how to conduct ongoing due diligence and what factors to consider when choosing the right option. Finally, it will include a detailed discussion on the benefits of ongoing due diligence, such as identifying issues early, strengthening your channel with only trusted vendors, and reducing costs by spreading due diligence spend across a third party’s life cycle.
Key takeaways include:
- Ingredients of a successful ongoing due diligence program and why continuity is important for a holistic view
- Other advantages of ongoing due diligence such as cost savings
- How to apply a risk-based approach to ongoing due diligence
- Various ways to conduct third party ongoing due diligence such as outsourcing