The GDPR governance model and approach to 3rd Party Due Diligence and Compliance

The GDPR governance model and approach to 3rd Party Due Diligence and Compliance

All companies must examine the different consequences of third party non-compliance and find sustainable solutions to the GDPR business opportunities, direct and indirect cost and reputation risk so that these risks are not to be underestimated or neglected.

Do we always know whom we do business with? Continued media exposure on third-party compliance defaults reminds us of the importance of knowing whom we choose to do business with and the dire consequences related to lousy publicity, directly impact brand and reputation;

• It is not only of interest to know whom we choose to do business with and who is behind the companies.
• What are the compliance, environmental preventive actions, due diligence and controls?
• What are the global ethical standards of the business partners, and their trading partners as well as potential shell companies?
• The risk exposure of corruption, fraud, money laundry, bribery or terror financing.
• How to address criminal offences when ignorance is not a viable defence. Review the standard GDPR rules and regulations.

Get proper hold of your third party issues with a risk-based approach, using your resources. With various background checks and preventive actions. The financial upside and getting a grasp on reputation risks should not be underrated.

How to ensure that our business partners are mature enough on requirements in the areas of GRC regarding Code-of-Conduct & Business Integrity and Ethics?
The board, senior executives and management teams must be aware of the internal and external requirements on customers Code of Conduct for suppliers to establish a prudent tone-at-the-top. These requirements are more complex to have a dialogue on risks and responses so that the staff can proclaim; yes, we are compliant with the GDPR Code of Conduct & Business Ethics?

• What are the mechanisms behind the enterprise’ capacity to understand third party issues, requirements, best practice, risks and consequences?
• How to adopt a new or changed rationale to ensure compliance?
• How to be compliant in processes as well as practice,
• We take a risk-based approach to focus on incorporating the integrating and embedding processes to the corporate culture and structure.
• How do we find the right level of compliance and the right balance in culture, structure, processes, control environment and evidence of the compliance
• Do we have an increased level of maturity, risk governance, and to measure the performance?
• We review and update the code of conduct requirements from stakeholders and regulators on burning issues.

How can businesses ensure compliance by third-party processors?

Ensuring compliance by business partners and third parties is a difficult task regardless of the regulation in question. Businesses should have a compliance checklist and perform due diligence initiatives on a routine basis to ensure that third parties are actively engaged with GDPR requirements. As the guiding principles and compliance reporting mechanisms evolve, businesses should carefully follow these developments and continuously refine business practices and policies to remain current and efficient. Companies may undertake the following to ensure compliance by processors:

• Vendor risk assessment and self-certifications
• Third-party audits;
• Periodical inspections and test-checking;
• Surveys of compliance initiatives backed by documentation;
• Adherence to approved codes of conduct; and
• Adherence to approved certification mechanisms.

Based on the above complete a thorough analysis of your third-Party Data Processor Risk & GDPR compliance. You are only as compliance as your weakest link