In our previous article, we discussed the importance
of third-party due diligence processes within organisations. In
this article, we offer suggestions, drawn from best practice
guidelines, on establishing an effective TPDD process.
Setting up an approval matrix
While many organisations adopt a linear approach to designing a
TPDD process, the review and approval processes should be
collaborative and cross-functional. This involves a diverse group
of stakeholders within the organisation providing input and
approving the sub-processes, and ensuring a comprehensive and
well-rounded assessment.
Designated, interested parties should include the following:
- An initiator, responsible for completing an initial assessment
of the third party;
