Enhancing global oversight of third parties
A global pharmaceutical company was looking to enhance and automate certain aspects of its third party risk management programme with new technology and services to better manage the increasing volume of third parties being onboarded in the 75+ countries it operates in. The client wanted to create a more consistent, risk-based approach across the global business owners and processes to enhance global oversight from the compliance department.
Four years after the programme was implemented, the company decided to engage The Red Flag Group®’s Compliance Managed Services practice to outsource certain administrative aspects of the process.
- Used ComplianceDesktop®, IntegraCheck® and IntegraWatch® to automate the client’s third party due diligence programme and screening
- Created a more uniform way to manage third party risk that considered both regional and business risks in their respective markets
- Leveraged technology to dictate policies to manage risk within the client’s own distribution network
- Reduced the overall spend for onboarding by enabling more departmental efficiency
- With the help of Compliance Managed Services, strengthened the quality of the data captured in the system to improve reporting, and allowed the business to focus on the business – removing the burden associated with onboarding and administrative tasks
- Up-levelled the skills within the client’s compliance team for areas such as false positives and monitoring risk with third parties by using expert, localised teams with knowledge, language and depth
- IntegraWatch® | Compliance Screening
- Support from The Red Flag Group’s Managed Compliance Services