While renewal due diligence is just one component of an overall ongoing monitoring strategy around managing third party risks, it is a vital one. Companies need to acknowledge that compliance is not linear but involves the constant assessment and improvement of a programme. This requires:
• Validating the reasons for the programme in the first place
• Gauging the effectiveness of behavioural changes
• Re-evaluating the risk rating of the obligation
• Validating whether the programme still meets its business objectives
• Assessing whether the programme actually works
Recurring whitepaper underlines how recurring due diligence can benefit acquiring and target companies, and why it is a vital component of an overall ongoing monitoring strategy around managing third-party risks.