Third-Party Due Diligence Overview

Introduction to Third-Party Due Diligence

Gain visibility into third parties through our compliance screening provider integration. Run compliance checks against adverse media, sanctions lists, and other sources like PEP lists, anti-slavery, bribery and corruption, and more. Identify and provide coverage for higher risk third parties with Enhanced Due Diligence reports based on geography, industry sector, or litigation and bankruptcy Concerns.

OneTrust’s Third Party Due Diligence is backed by Dow Jones, providing organizations the latest data to conduct due diligence and monitor third parties for sanctions exposure, bribery and corruption, adverse media, modern slavery, financial crime, and more. In addition, organizations can customize their program and comply with the Department of Justice’s requirement for a risk-based approach with Enhanced Due Diligence Red Flag and Level One reports. We add context to the due diligence data, helping you focus on what is most risk-relevant and deserving of your attention. Following a due diligence screening and compliance check, OneTrust automatically calculates risks as well as enables workflow automation with mitigation recommendations. Your automated oversight continues over time, with ongoing monitoring and contextual alerts throughout the third-party lifecycle.

Note:

For a demo on Third-Party Due Diligence, watch the video here.

Module Benefits:

  • Use results from compliance checks to calculate risks with built-in escalation and mitigation recommendations

  • Leverage due diligence data feeds and receive contextual AI-powered risk alerts on your third parties in real time

  • Send questionnaires to internal and external parties, and screen them against regulatory sanctions data, adverse media, and PEP lists

Solutions Provided by Third-Party Due Diligence:

Streamline Third-Party Screenings and Initial Due Diligence

: Save time by leveraging automated workflows to streamline requests from internal business owners

Continually Monitor & Receive Alerts of New Red Flags and Risks for Each Third-Party

: Leverage data intelligence feeds to track any compliances changes across your third-party relationships, and track the progress of their remediation activities to ensure they meet your requirements

Access Completion Metrics & Performance Reports

: Document and visualize your program with intuitive dashboards on due diligence activities, timelines, detected risks, and mitigation efforts over time

Typical Users

Admins or key users of Third-Party Due Diligence would report to or have the following titles:

  • CECO

  • CCO

  • Chief Information Officer

  • Chief Risk Officer

  • Chief Compliance Officer

  • Chief Ethics & Compliance Officer

Supported Frameworks

OneTrust Third-Party Due Diligence is a compliance management solution that can help organizations fulfill the requirements to comply with many frameworks and certifications. 

Below is a list of some of the popular frameworks that Third-Party Due Diligence can help with:

Framework

Framework Description

LkSG

The German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz or “LkSG”)  is a corporate due diligence act focused on sustainability and protecting human rights in supply chains. It requires companies to identify any human rights violations and environmental risks with their direct suppliers as well as their indirect suppliers if needed. Enforcement begins on January 1, 2023, and applies to German companies as well as foreign companies that operate branch offices in the country.

Note:

To learn more about the LkSG framework, read our blog post here.