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.
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.
Download the ebook to learn more about how Diligent can help mitigate risks and streamline your compliance efforts.