Gain insight into key aspects, trends and processes of third-party onboarding and risk management.
There are many challenges that companies face, when doing business with third parties, not least of which is complying with the ever-expanding legislation and regulatory landscape, in areas of traditional legal risks but also those related to environmental, social and governance (ESG) issues. The spread of COVID-19 brought more uncertainty to the equation, turning the global trade scenario into an arena full of hidden risks, fast-changing conditions and unpredictable responses from companies and governments. This complexity has created more awareness for companies about the importance of understanding their business partners.
In our 2020 Third-Party Onboarding and Risk Management Survey, Refinitiv asked respondents a number of probing questions about their onboarding processes and third-party risk management. As well as showcasing the results we analyzed our respondents’ answers and outline the problem areas and challenges that are faced by companies during onboarding new third parties. From the results, it became clear that there is an awareness among business leaders that a robust onboarding program not only adds value to your business it also serves to limit exposure to risk and therefore helps protect against regulatory and reputational damage.
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- Which key variables to include in an onboarding program and why.
- The common pitfalls.
- How to use your resources wisely.
277Legal experts and business decision makers surveyed.
25+Business sectors covered.
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Companies that manage their risks tend to be more profitable, and since one of the measures of success is your third parties’ own success, having more chances to identify high-value business partners through third-party onboarding will positively impact revenue in a healthy and sustainable way.
of those surveyed said that a third-party compliance onboarding process is very essential to their company.
said that it took longer than 21 days to onboard a new third party.
of respondents said their company does not have a formal third party risk management policy.