Anti-Corruption Informational tele-conferencing Series Benchmarking and Disseminating Best Practices, 20 August 2014

Mr. Gregory Shultz (Managing Director, The Compliance Table) and Mr. Michael Harrington (Senior Managing Investigator – Mintz Group) spoke about “Third Party Due Diligence- Integrating in-house technology and outside services providers”. The various points covered in their presentation were:

1. Today’s Evolving Standards: The various benefits of using technology to monitor third party relationships such as

• Create a repository of key, auditable data

• Maintain approval limits and accountability

• Easy location of information

• Coordination of resources to manage third party risks

• Back-end risk methodology through algorithms which assign risk ratings and databases of contracts

• Opportunities to approach outside due diligence providers.

2. ample Technology Workflow

3. Engaging Outside Providers: Outside providers should build upon existing documents completed by in-house systems. The in-house due diligence should be enhanced by expanding the hard-to-find records and human intelligence.

4. Cost-Effective Scope of Work: The most successful clients in terms of achieving cost effective due diligence (through outside providers) are those who have efficient in house compliance through the use of systems that have algorithms and grading systems. Costs can be kept down by going to the same outside provider every two years rather than engaging someone new each time.

5. Human Sources: To conduct thorough due diligence, it is vital to speak with knowledgeable sources such as: government sources, industry sources and professional sources.