Plainsboro NJ - May 12, 2010 - On April 22, 2010, Compliance Week and SAI Global presented an exclusive editorial roundtable about strategies for managing third-party risks. The roundtable, held at the Jefferson Hotel in Washington D.C., was moderated by Compliance Week Editor Matt Kelly and Christine Mills, Senior Vice President of SAI Global. Panelists included executives from AMERIGROUP, ARAMARK, Becton, Dickinson & Company, Elan Pharmaceuticals, Hewlett-Packard, Johnson Controls, L-3 Communications, Terex Corporation, and the Federal Reserve Board.
For global corporations, the risks posed by working with third parties is a swiftly rising challenge. Little surprise then that when these executives talked about third-party risks the conversation quickly turned to managing third parties, period — no matter where they are in the world or how risky the third parties actually might be.
Participants discussed the array of legislation and regulation they face, including the Foreign Corrupt Practices Act (FCPA), the False Claims Act, and the recently enacted UK Anti-Bribery Act. “It's definitely true that great training and communication can help manage these risks”, said Christine Mills, senior vice president at SAI Global Compliance. “But it's also about how to manage and oversee the activities of third parties that can potentially cause financial and reputational harm.”
The executives commented about the programs they have in place to identify and manage their third-party risks and agreed with Ann Wootton, President and General Manager of SAI Global's Compliance Division in Americas when she said, "Though many in an organization can share the same risk, we can’t expect everyone in the business to be a risk manager.” She added, "What we can do, however, is to make it easy to identify a key risk, institute and monitor controls to mitigate a risk, and ensure that risk is properly communicated across the organization with the right accountability.”
A summary of the roundtable is available on the Compliance Week Website or by download.
Media Inquiries
Tia Smallwood, Sr Vice President Global Marketing, SAI Global Compliance, tia.smallwood@saiglobal.com, phone (609) 955-5135.
About SAI Global Compliance
For twenty-five years, SAI Global Compliance clients have built stronger corporate cultures and more effective all-around programs with our compliance, risk management and governance solutions. With offices in more than 25 countries, SAI Global provides risk and culture assessments; Code of Conduct reviews and training; award-winning, innovative online training; training needs assessments; helpline, ethics reporting and case management solutions; risk- and region-specific updates, databases, regulatory alerts and newsfeeds; and technology solutions that integrate and connect all aspects of a compliance program. www.saiglobal.com/compliance
