Third-Party Risk Management & Due Diligence
Helping life sciences companies evaluate third party relationships to ensure compliance with global anti-bribery and corruption laws
Third-Party Risk Management & Due Diligence
Baker Tilly understands the risk with which life sciences companies operate; particularly the risk they are susceptible to through the actions of contracted third parties.
Our team understands that it is not enough to just conduct pre-contracting due diligence of a third party and that companies must manage the entire relationship from upfront due diligence through post-contracting execution and re-screening.
Life science companies engage with various third parties in order fulfill day-to-day operations. As such, they are open to an array of risks which can violate global compliance requirements such as the Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, Brazil’s Clean Companies Act and France’s Sapan II.
These risks come directly from actions of third parties for which they are liable. In fact, the majority of bribery and corruption related investigations and subsequent settlements between life science companies and the Department of Justice (DoJ) and other global regulatory bodies are due to the action of third parties. The financial and reputational penalties can be significant.
Companies need to know the background and performance of each of the third parties with which they conduct business. From wholesalers and distributors to CROs and HCPs, companies must not only do the traditional front-end, pre-contracting due diligence, but must also conduct continuous monitoring to identify any non-compliant or corrupt behavior as it occurs.
How Baker Tilly can help
Baker Tilly can help companies reduce their third party risks by designing, implementing, analyzing and executing on robust risk management solutions:
- Create relationship controls to compel compliance
- Design global compliance programs
- Assess and develop robust third party due diligence methodologies
- Continuous monitoring of third party relationships
- Data analytics to identify risky payments and interactions around the globe
- Manage third party interactions through outsourced due diligence and screening
Our professionals
