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Jean-Paul Sartre famously said that, “Hell is other people.” For many compliance officers, hell is dealing with other people known as third-parties, and the companies they own.
Third-party management is a perennial headache. Recently at the Compliance Week conference, on-the-ground polling found that third-party management was the greatest challenge facing compliance officers today. Tracking metrics around third-party management is critical to seeing trends in your company, and being able to respond to movements in the business quickly.
In this blog, we’re going to explore metrics relating to third-party management. This is Part 5 of our series. If you haven’t read Part 1, I recommend you go back and start there, as it sets the stage regarding why certain metrics should be chosen. We’ve already explored metrics that can be used with policies and procedures, which can be found HERE, monitoring and auditing, which can be found HERE, and training, which can be found HERE.
Too Much Information (for a change!)
Perhaps more than any other area of the seven elements of an effective compliance program, third-party metrics are usually the easiest to collect. Most large companies have some sort of online or technology-based system that can gather data. Even small companies managing third-parties on an Excel sheet can sort by column to find out how many third-parties they have in a certain country.
Because of this wealth of data, choosing the right metrics relating to third-parties is critical. Having numbers for numbers’ sake is not useful. You must carefully answer the most fundamental question when choosing third-party-related metrics…
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