In the foreground of the modern legal landscape, risk-based third-party due diligence is indisputably a fundamental pillar of an effective compliance program. Though integral, it’s also recognized that maintaining a systematic approach that functions proficiently can prove to be both, time-consuming and expensive. Innovative solutions that can alleviate these challenges are sought after in the legal industry, especially amongst professionals working in big corporations and law firms worldwide.
According to an upcoming webinar, a unique methodology has come into play that might alleviate some of these prevalent challenges. The webinar, titled ‘Collaborative Due Diligence: Reducing screening costs while elevating program standards’ is scheduled for December 7th, at 11:00 am EDT. The said methodology involves a construct which includes Tcertification, engaging third parties directly to build a more holistic view of higher risk relationships. It consists of three distinct stages:
- Explore
- Enhance
- Engage
Imbued at the core of this structure is a collaborative concept, the idea being to involve third parties to form a more rounded perception of high-risk relationships. The expected outcome is an elevation of program standards without accruing additional costs.
Offered by Ethixbase360, this webinar represents a commitment being undertaken by the legal industry towards more efficient and intricate methods of due diligence. The direct interaction with third parties could herald a new era in risk audits that yield cost savings along with superior standards.
Legal professionals interested in adopting innovative due diligence practices are recommended to attend this webinar and build upon their understanding of risk identification and management, two pieces of a much larger compliance puzzle.