Many companies today face moments of economic and financial turbulence especially when it comes to their third-party risk management. The rebound in corruption cases in several Latin American countries is often related to bribery practices through a third party. Therefore, companies need a strong prevention program, capable of fighting these bad practices.
A strong third-party verification program will decrease the risks in contracting suppliers. Reviewing company and employees’ backgrounds, possible sanctions at national and international levels, and any other risk factors will protect the reputation, increase the level of mutual trust and integrity of suppliers in the operation.
Performing third-party verifications in Latin America not only requires know-how to interpret public information, but also having a broad base of reliable sources. Strict compliance to local laws in handling sensitive personal data must be a priority from the start of the process.
Remember that the responsibility to investigate, verify and review the third parties background is every company responsibility.