3rd Party Risk Management , Fraud Management & Cybercrime , Fraud Risk Management

Tools for Mitigating Third-Party Risks

To help mitigate supply chain risks, organizations should leverage web scraping tools, social media analytics tools and robotics to verify third-party providers, says Arpinder Singh of Ernst & Young.

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“It is important to have both automation and manual practices in place to ensure a thorough background check of third parties, Singh says. “If you identify some high-risk third parties, you need to do a site visit; you need to see their facilities as the current databases are not very comprehensive.”

In a video interview with Information Security Media Group, Singh discusses:

• Third-party risk management processes that should be automated;
• Essential components of a background check program;
• Technologies companies are deploying to cope with effects of the pandemic.

Singh is partner and head - India and emerging markets - at EY Forensic & Integrity Services. He has 25 years of experience in multijurisdictional investigations, forensic accounting and dispute advisory services. His key areas of specialization include anti-bribery and anti-corruption, fraud risk management, regulatory compliance, anti-money laundering, corporate governance and training.