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Friday, 04 April 2014 16:21

Life Cycle Management of Third Parties – Step 5 – Management of the Relationship

Today ends my review of what I believe to be the five steps in the management of a third party under an anti-bribery regime such as the Foreign Corrupt Practices Act (FCPA) or UK Bribery Act. On Monday, I reviewed Step 1 – the Business Justification, which should kick off your process with any third party relationship. On Tuesday, I looked at Step 2 – the questionnaire that you should send and third party and what information you should elicit. On Wednesday, I discussed Step 3 – the due diligence that you should perform based upon the information that you have received from and ascertained on the third party. On Thursday, I examined Step 4 – how you should use the information you obtain in the due diligence process and the compliance terms and conditions which you should place in any commercial agreement with a third party. Today, I will conclude this series by reviewing how you should manage the relationship after the contract is signed.

I often say that after you complete Steps 1-4 in the life cycle management of a third party, the real work begins and that work is found in Step 5– the Management of the Relationship. While the work done in Steps 1-4 are absolutely critical, if you do not manage the relationship it can all go down hill very quickly and you might find yourself with a potential FCPA or UK Bribery Act violation. There are several different ways that you should manage your post-contract relationship. This post will explore some of the tools which you can use to help make sure that all the work you have done in Steps 1-4 will not be for naught and that you will have a compliant anti-corruption relationship with your third party going forward.

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http://tfoxlaw.wordpress.com/2014/04/04/life-cycle-management-of-third-parties-step-5-management-of-the-relationship/