In an increasingly complex and interconnected business environment, assessing the risks associated with third parties has become an unavoidable priority for companies.
Whether suppliers, partners, subcontractors or customers, every business relationship involves potential risks that can have a significant impact on the company's operations, reputation and profitability.
Third-party risks can range from regulatory non-compliance to security breaches, financial risks and supply chain disruptions.
A rigorous and systematic assessment of these risks is therefore essential to ensure proactive and strategic management, enabling not only threats to be minimized but also opportunities to be optimized.
Context and issues
Numerous anti-corruption regulations (Sapin II law), contributing to the prevention of social risks(Duty of Vigilance), money laundering and the financing of terrorism (AML - Anti Money Laundering / KYC - Know Your Customer...), require companies to be compliant when assessing third parties (customers, suppliers, intermediaries).
More specifically in France, the Sapin II law deals with numerous subjects, including the fight against corruption, which concerns over 1,600 French companies. This perimeter is set to expand, given the recommendations of the French Anti-Corruption Agency (AFA). In France, a company can be found guilty of corruption and be sentenced for this offence to a criminal penalty, as well as possibly an administrative penalty of 1 million euros (provided for by the Sapin II law).
Integrity risk assessment ensures that a third party does not represent a corruption risk. It is based on 3 axes: assessment, detection and remediation.
Ellisphere can help you
Determine the risks associated with each relationship and adapt its level of vigilance using risk mapping to define the risk.
Collect information on a third party to gather data to define whether corruption risks are present through controls and alerts.
Handle the detection of a corruption risk alert and implement measures through corrective actions in order to mitigate and/or correct them.
Assessing your third-party risks is vital to ensuring the resilience and stability of your business.
Assessing the risks to your third parties is a vital process in ensuring the resilience and stability of your business in a world where interdependencies are numerous and the stakes are high. A systematic, integrated approach to risk management not only identifies and mitigates potential threats, but also builds trust and transparency with your business partners.
By adopting rigorous risk assessment practices, using advanced technological tools and remaining compliant with current regulations, companies can confidently navigate a complex and dynamic business landscape, ensuring their long-term growth and success.
Assessing the risks of your third parties is essential for your company, and its longevity; to meet this challenge, you need a solution because :
- You are subject to Sapin 2, but you have neither the structure nor the time to manage it.
- You already know a handful of high-stake third parties with whom you share your value chain.
- You are ready to initiate the implementation of an anti-corruption system to protect your company
Ellisphere meets your challenges with
Would you like to benefit from Ellisphere's expertise?
Would you like to benefit from Ellisphere's expertise?
To find out more about Compliance for Business, contact us today. Our experts will answer all your questions.
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