Doing More With Less: Tools for Managing Third‑Party Risk With Scarce Resources

Identification and management of third-party risk is a constant challenge for all companies conducting business overseas and is a fixture in the constellation of corporate corruption threats. At compliance conferences, the speakers up on the dais are almost always from large companies with significant compliance resources, making benchmarking difficult for the compliance stakeholders at mid-market companies who make up much of the audience. In a guest article originally published in the Private Equity Law Report’s sister publication – the Anti-Corruption Report – William Semins and David Peet, partners at K&L Gates, provide practical advice for those who feel that the standards set on stage are unattainable on their limited budgets back home. The article explains that through dynamic risk assessment, resource allocation and communication, mid‑sized firms can effectively manage third-party risk even with mid-sized resources. For more on mitigating operational risks, see “Fund Managers Must Supervise Third-Party Service Providers or Risk Regulatory Action” (Nov. 16, 2017); and “Challenges and Solutions in Managing Global Compliance Programs” (Oct. 5, 2017).

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