Enhancing Regulatory Compliance and Gaining Competitive Advantage: the Key to Prioritizing Third Party Risk Management for Companies with a Global Footprint
Patrick Özer, Serap Tutkun and Maria Ruzheynikova1Artikel kopen € 79,00 excl. BTW
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Regulatory changes, shareholder and customer demands, as well as the increasing cost of potential non-compliance are driving companies to prioritize third party risk management (hereinafter: "TPRM"). In addition to existing regulations, such as the US Foreign Corrupt Practices Act and the UK Bribery Act, many companies with a global footprint now also have to comply with the EU Corporate Sustainability Reporting Directive (CSRD) and report on various environmental, social, and governance (ESG) matters, including TPRM. This article provides an insight into how companies with a global footprint can start or improve their TPRM journey and effectively define their first steps.
Designing and implementing a solid TPRM framework is a long-term commitment. However, it is important for companies to define the action plan following a risk-based approach, starting by evaluating the key risk areas based on the industry and jurisdiction specifics, reviewing existing policies and procedures...
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