Understanding Corruption: Navigating Third-Party Risk in Supplier and Vendor Relationships
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Modern organizations are not defined by brick-and-mortar walls and traditional employees; they are extended enterprises comprising third-party relationships, which often nest themselves in layers and transactions of complexity. In today’s interconnected business landscape, the complexity and scope of supply chains are expanding, bringing significant third-party risks, especially related to bribery and corruption. Managing these corruption risks is crucial for maintaining compliance and upholding a company’s integrity.
Organizations need a clear understanding of corruption in the context of third-party risk in supplier and vendor relationships, particularly when faced with the U.S. Foreign Corrupt Practices Act (FCPA), U.K. Bribery Act, France’s Sapin II, and other notable enforcement actions.
Corruption within supply chains typically manifests . . .
[The rest of this blog can be read on the EthixBase360 blog, where GRC 20/20’s Michael Rasmussen is a guest author]