Addressing Third Party Compliance Risk

The risk that contractors will draw a company into a compliance issue has never been greater. Nathan Dreyfus and Guler Wiefling from Grant Thornton outline a systematic approach to addressing an intractable problem, breaking it down into three basic steps: Evaluate the current contract compliance program, redesign (or design) the program, and implement and constantly monitor to  evolve and adapt. The challenge, they say, is to strike a balance between having a formalized process that clearly addresses present issues and one that is flexible enough to adapt to changes in business conditions and the company’s strategic direction.