"How well do you know your business partners? - Only as part of a sound due diligence process can you effectively minimize the risk of one of your existing or potential partners engaging in illegal or unfair business practices and thus ensure their integrity. For companies operating internationally, third-party compliance becomes a legal necessity."
- Overview of compliance risks with business partners
- Principle of the risk-based due diligence audit
- Control and monitoring of compliance for suppliers and business partners
- Avoidance of liability for misconduct by third parties
- Interface Money Laundering Act and KYC (Know Your Customer) More info
8 Course modules
Every course module you find here can be used as a short learning unit – also called Learning Nugget. Do you have any questions about the course content? – We would be glad to help you.
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Know your suppliers and customers
Before initiating new business relationships, companies must carefully and systematically identify, evaluate and document the compliance risks associated with this business partner. Many national and international guidelines require that ongoing business relationships must also be regularly reviewed.
Control and compliance for suppliers
An essential component of 3rd-party compliance is to ensure that suppliers comply with the principles that are important to you by means of appropriate compliance regulations in the contracts, and to ensure that these principles are adhered to and enforced.
Risk-based processes and due diligence audits
The risks of the business relationship result from factors such as the nature of the business, the registered office, the industry, and other aspects. Further background and integrity checks, e.g. on the financial conduct of the business partner or the handling of sanctions or embargo regulations, are also carried out. There are also provisions of the Money Laundering Act.
FAQ
In this module you will get an efficient overview of important topics such as:
- Overview of compliance risks with business partners
- Overview of the risk-based testing and evaluation processes
- 3rd-party compliance incidents in practice
- Introduction to all relevant laws and standards
- Interface Money Laundering Act and KYC (Know Your Customer)
- Overview of embargo and sanction rules
- Control and monitoring of compliance for suppliers
- Overview of 3rd party compliance testing processes
- Overview of compliance in foreign trade law
- Compliance in (international) distribution
- Avoidance of liability for misconduct by third parties
- Dealing with third parties outside the company
Check your business partners: An ongoing screening checks whether the business partner is involved in legal proceedings as the accused or has violated sanctions or embargo lists. New factors must currently lead to a reassessment of the risks of this business relationship. The e-learning explains how such risk-based due diligence checks are carried out and documented.
Appropriate measures to minimize the identified risks range from compliance clauses in contracts with service providers to a decision not to enter into a planned business relationship or to terminate it if it is an ongoing business relationship.
