Third-Party Questionnaire
Understand your third-party risks.
Understand Your Third-Party Risks
Protecting your organization from the reputational and regulatory risks associated with your third-party universe is a major responsibility for compliance and procurement professionals.
To accomplish this task, you must effectively manage your third-party relationships from the start. With the Kroll Compliance Portal's Third-Party Questionnaire, you can oversee third-party management from one organized and consistent platform. Here a few key benefits:
- Onboard third parties with tailored questionnaires to uncover clear and relevant risks that might otherwise go undetected.
- Automatically risk score responses and conduct additional due diligence without leaving the platform.
- Automate questionnaire transmission and no-response follow up notifications.
- Write and disseminate questionnaires in your third party's vernacular and leverage the platform's local language translation.
- Effectively circulate company policies, procedures, and compliance training documents anywhere in the world.
Conducting Proper Third-Party Due Diligence
It all starts with taking a risk-based approach. For multinational corporations and financial institutions alike–third-party, customer, partner and investment risks abound. Many third-party risks inherent in multinational supply chains can be identified–and thus mitigated–through the use of a systematic risk assessment process. The process begins with empowering your third parties and collecting relevant information at scale, helping you understand each third party’s risk profile and make decisions accordingly.
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Common Exposure from Third Parties |
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Corruption |
Commercial Disputes |
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Bribery |
Involvement in Illegal Activities |
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Sanctions |
Unethical Business Practices |
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Money Laundering |
Conflict Minerals |
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Fraud |
Child Labor |
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Financial Default |
Criminal Exploitation |
What Should My Questionnaire Include?
Sometimes spotting clear risks is as simple as asking the right questions. Aside from the standard identification questions, consider if your third-party onboarding process answers the following:
- Do you know the identity of your suppliers’ ultimate beneficial owner(s)?
- Can you see a clear rationale for their business model or invoicing structure?
- Are you aware of the third party’s full range of services and countries of operations? Are these compatible with your organization’s risk appetite?
- Do you know the extent to which your suppliers are dependent on local officials, be it permits, authorization, or as a sales channel?
Through an appropriate onboarding process, you can optimize your third-party management processes while reducing or mitigating the associated risks. Talk to an expert today to learn more about how the Kroll Compliance Portal’s Third-Party Questionnaire can improve your compliance program.
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