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Join me on Thursday, January 14th at 12:00 p.m. EST for the perennially popular webinar unveiling the Top Trends and Predictions for 2021! Once again Carrie Penman (NAVEX Global) and I will break down what we see as the most critical trends for 2021, along with predictions and top tips for your program this year. Plus, as a participant, you will receive a copy of the Top Trends eBook (co-authored by me) to help you go into the new year with actionable information to make your program soar. SIGN UP HERE! See you there!

The Tough Stuff: What to Do with Legacy Third-Parties, Part I

“We finally got the budget to start a proper third-party program!” my client exclaimed. “Great!” I said, “How many third-parties will you be starting with?” “Ten thousand.” Alarm bells went off in my head. I could already see the problems. How would she find reliable data? How would she and her team of three deal with the hundreds, if not thousands, of immediate false positives that typically come from that volume of screening? And most importantly, how would she deal with the businesspeople already using those ten thousand third-parties inevitably pushing back saying “but we’ve used them for years!”

Whether implementing a third-party program for the first time or expanding an existing one, the issue of legacy third-parties inevitably brings up monumental challenges. A “legacy third-party” is one that is already in use by the business that has not undergone due diligence. Bringing in or expanding a third-party program is already difficult. Deciding what to do with legacy third-parties can be a nightmare.

In part one of this two-part series, we’ll review the issues to consider before deciding what to do with legacy third-parties. In part two, we’ll go over different approaches to managing this challenge to help you decide the best path forward.

Considerations

There are several issues with legacy third-parties, each of which should be considered when determining the best path forward. These include…