Third Party Compliance Methods
Interaction with third parties is an essential part of any company's business, but at the same time, it is one of the potential sources of risk. After all, due to the non-transparent structure of the client's owners, the company can cooperate with persons who have been sanctioned or who have received funds illegally, which can have various legal and reputational consequences. The purpose of third-party verification is to reduce the risks associated with suppliers, distributors, customers, and other parties with whom the company interacts.
Thanks to Pavel Verkhniatsky, Managing Partner at COSA, UNIC Ethics Committee Member, and Maryna Varenyk, Senior Analyst at COSA for explicit material about third-party internal data processing mechanisms and effective verification systems.
The article was published on the pages of the "Yuridicheskaya Gazeta" publication based on the materials of the UNIC Business Integrity Digest.