Every business generally has a code of conduct - rules for employees, principals, investors and third parties that detail the company’s expectations about values, ethics, responsibilities and proper practices in the conduct of everyday business. When executed, the code of conduct should protect and inform all constituents about the company’s expectations.
As companies engage greater numbers of third parties to deliver as much as 60% of their revenue, it’s important that the third parties attest to and are held accountable to the code of conduct.
As part of Hiperos 3PM, code of conduct execution and validation of attestation to the code of conduct is included in the risk and compliance assessment and management functions. It is important to note that compliance cannot be offloaded to third parties, but a company should ensure that its third parties have agreed to and signed the company’s code of conduct.