The complete guide to the 30 risk areas
Companies are held responsible for their own integrity and ethics, but also for acts of their third parties. Suppliers, distributors, resellers and other third parties pose significant integrity and compliance risks that need to be managed by every company to avoid significant fines and reputational damage.The Red Flag Group® focuses on helping companies select and manage the best third parties, ensuring that they positively contribute to their reputation and business operations by conducting their business in a legal and ethical manner. It’s about selecting the right partner that will comply with the terms of their contracts and the laws of the land throughout the life of their engagement.
Risk areas covered
The firm has identified 30 key risk areas under four categories where serious integrity and reputational risks reside in your third party:
- Integrity risks
- Environment, social and governance risks
- Financial risks
- Operational and quality risks
Each of these areas is defined below, along with details about why the risk should be considered and how it could affect your company.