The telecommunications industry encompasses many technologies and it requires the input of many third parties to deliver the products, services and content in demand globally. While third parties provide the services, distribution and innovation so vital to telecommunications providers, they also increase a company’s level of risk to revenue, reputation and customer base. In such a highly-regulated industry, the procurement team, business continuity, network security and the business units all need to be aware of how they interact with their third parties and what information they have access to.
Telecommunications companies and their compliance organizations, especially when sourcing products, materials or services from overseas, must ensure compliance with U.S. regulations including those from the Federal Communications Commissions (FCC), the Interstate Commerce Commission (ICC), as well as multiple federals laws and statues including the Foreign Corrupt Practices Act (FCPA), Anti-Bribery/Anti-Corruption (ABAC), and others. And recent rulings have made it clear that the companies can be held liable for noncompliance by their third parties.
Information security is vital to the telecommunications industries. So much personal or business data is collected, stored and transmitted over the various telecommunication media and devices that companies must secure the data and monitor which third parties may have access to it.
The Hiperos 3PM™ solution enables the proactive assessment, management and monitoring capabilities telecommunications companies require to be vigilant about third party relationships as they are created and throughout their life cycles.
- Improve the quality and quantity of new supplier and third party information
- Enable in-depth due diligence
- Monitor regulatory compliance and mitigate risk
- Reduce third party and supplier administration costs and maximize current resources
- Optimize speed to market
- Proactively manage third party performance and innovation
- React quickly to incidents with an always available audit trail