What are the impacts of bad versus good third-party risk management software? Read this example to find out.
A leading Bio-Tech manufacturer recently faced a significant $50M settlement after an FCPA enforcement action. Leading the company to quickly realise that their existing third-party management software was not up to the task.
What Problems Did They Face with Third-Party Risk Management?
Critical issues, such as poor report quality and ineffective media screening, were hindering their ability to comply with regulatory requirements. The challenges were compounded by a reduction in team resources due to COVID-19, which strained their capacity to manage third-party risk effectively. With these obstacles in mind, the company turned to Diligent Third-Party Risk Management. Diligent provided high-quality investigative reports, real-time monitoring, and automated processes, offering the reliability and assurance needed to meet compliance obligations.
With Diligent’s innovative tools, third-party relationships are managed efficiently and effectively, safeguarding companies from future risks like the one faced by this manufacturer.
FAQ’s About Third-Party Risk Management Solutions:
What are the consequences of using poor third-party risk management software?
Using inadequate third-party risk management software can lead to serious issues such as poor report quality, ineffective screening, regulatory non-compliance, and significant financial penalties, as exemplified by a biotech company’s $50 million settlement.
How did the biotech company improve their third party risk management?
The biotech company enhanced their third-party risk management by adopting Diligent’s solution, which provided high-quality reports, real-time monitoring, and automation, enabling them to meet compliance requirements effectively.
What challenges do companies face with third party risk management during resource constraints?
During resource constraints such as those caused by COVID-19, companies often struggle with maintaining effective third-party oversight due to limited staff, which can compromise compliance and risk mitigation efforts.
How does Diligent’s third party risk management software help companies?
Diligent’s software offers reliable investigative reports, real-time monitoring, and automation features that help companies manage third-party relationships efficiently, reducing future risk exposure.
Where can I learn more about improving third-party risk management with Diligent?
You can download the ebook and book a demo through the provided contact link to discover how Diligent’s solutions can help mitigate risks and streamline compliance processes.
