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By Adam Turteltaub
Given the risks of third parties, especially in risk areas such as corruption, much emphasis is placed on thorough vetting.
But once the deal is signed and the agent or contractor is hired, the risks don’t stop there. It’s essential to monitor how third parties preform through the lifespan of the engagement, including off boarding.
In this podcast Kara Bonitatibus, Head of Product at Lextegrity, points out that auditing should be periodic and focused on broader risks, not just the highest ones.
In addition, an audit every two to three years is not enough. Ongoing monitoring is essential to identifying issues sooner and taking corrective actions quicker. It can also help identify anomalies that may be signs of problems, such as multiple invoices under a certain threshold level, or split invoices.
Listen in as she explains more about how to use auditing and monitoring to give you a bit less to worry about when it comes to third party relationships.