How do you manage third-party relationships to ensure compliance with applicable laws and regulations?
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SVP Business & Legal Affairs in Mediaa year ago
In a best-practices case, this requires careful assessment of who is in the best position to assume risk, mitigate risk, and ultimately bear the risk. Not every third-party relationship is the same so each one needs a careful approach and often a robust negotiation to assign risk appropriately and ensure compliance. Companies and vendors will develop certain parameters that can guide these discussions to the best commercial and legally acceptable result.General Counsela year ago
That's obviously a collective effort. No Compliance Officer or the best compliance team in the world can manage that entirely on their own and have that ambition completely. There is a culture of compliance because the company has developed a culture of integrity and compliance with the law and internal regulations, so I don't give myself credit for managing the third-party relationships but rather credit it to a company's effort and culture.