Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, Tom Fox takes a deep dive into the Prevalent 2024 Third Party Risk Management Report with Brad Hibbert, the Chief Strategy Officer and COO at Prevalent.
Hibbert drives Prevalent’s product vision and strategy development, which draws from the Third Party Risk Management Report. The Prevalent Report outlines the complexities of managing third-party vendor relationships, highlighting the various phases involved, such as onboarding, contracting, and offboarding.
It examines the inefficiencies and risks that arise from fragmented processes and technologies handled by different teams. Our conversation explores how these challenges impact risk visibility and resource management, emphasizing the downstream effects on program scalability and decision-making.
Highlights in this Episode:
- Introduction to Vendor Relationship Phases
- Challenges in Managing Vendor Relationships
- Inefficiencies and Risks in Vendor Management
- Impact on Risk Visibility and Decision Making
- Pressure on Teams and Resource Implications
Resources:
Brad Hibbert on LinkedIn
Prevalent’s 2024 Third Party Risk Management Report
Tom Fox
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