Ethisphere is excited to launch of volume two of its 2020 World’s Most Ethical Companies® Insights Report series. The report covers Third-Party Risk Management and offers insights into how World’s Most Ethical Companies honorees are addressing the selection and onboarding of third parties and ongoing compliance oversight. It covers due diligence, third-party codes, communications and training, monitoring, and auditing, performance evaluation, and sustainability. The report is available at www.ethisphere.com/2020wmeinsights.
In this video, Ethisphere Vice President Leslie Benton shares some of the highlights around third party risk management. To watch a roundup of Volume One, click here.
A sneak peak:
Expanding areas of focus in pre-contract due diligence: Historically in the due diligence of third parties, companies consider ownership information, use of subcontractors and the third party’s ethics and compliance track record. These factors remain core, however, companies are expanding the scope of risks in assessments:
- 88 percent are now assessing data security and controls
- 80 percent are considering human rights and labor conditions
- 74 percent are reviewing environmental performance