How does the company monitor its third parties?…Does the company engage in risk management of third parties throughout the lifespan of the relationship, or primarily during the onboarding process?

 

-DOJ Evaluation of Corporate Compliance Programs 2020 guidelines

PSA now offers one year of continuous monitoring of identified third parties against leading compliance databases in order to effectively:

Extend the effective lifespan of your PSA due diligence by seamlessly tasking the continuous monitoring of your 3rd party Subjects.

Avoid alert fatigue and time-consuming false positive remediation by letting our experienced analysts filter potentially high volumes of automated findings for you.

Receive only prequalified alerts which plausibly relate to your report subject and which require your attention and remediation.

Continuous Monitoring

Requested at the time of the initial due diligence order, continuous monitoring will be conducted only on those third parties we identify from official corporate records obtained during our formal report as being key shareholders, officers, or managers within the subject company. Monitoring will then continue on these names for up to one year following the completion of the due diligence and may also be extended upon request.

Information raised by automated database monitoring is reviewed by experienced PSA analysts who conduct additional research seeking to determine whether it relates to the entity or subject present in your due diligence report and whether it represents a genuine issue of concern. Only if warranted will the alert or finding be forwarded to you for further action.

This recent addition represents PSA’s continued commitment to offering a suite of compliance services informed by a close reading of the relevant regulatory guidance. This offering is specifically developed and is provided to our clients as a critical tool for aligning third-party risk management programs with the US Department of Justice’s 2020 guidelines on the Evaluation of Corporate Compliance Programs. We note this guidance includes new language on the importance of engaging in “risk management of third parties throughout the lifespan of the relationship.”

 

PSA continues to expand its value-based services and serve as a force multiplier for those legal and compliance professionals battling to maintain vigilance in the face of smaller teams, tightening budgets, and limited resources.

Integrated Due Diligence Services for Third Party Risk Management Programs

Pacific Strategies & Assessments offers truly global capabilities in providing third-party due diligence services. Our offerings scale from desktop research to complete on-the-ground investigations, helping our clients adapt to growing global risks and an evolving regulatory landscape. PSA can work with your TPRM program to optimize results and our due diligence reporting can be ordered as an integrated feature in leading risk management software platforms.

Extend the life of third-party due diligence.

Inquire with a due diligence expert today

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