• Governance I Risk I Compliance Management

How to increase revenue by working with trustworthy third parties

May 10, 2021

Successful businesses grow and build new partnerships. They link arms with suppliers, contractors, and other third parties that help them fill different needs as they expand their reach. However, entering new partnerships can carry a significant amount of risk – and it is imperative that business leaders work only with third-party organisations they can trust.

New partnerships require more than just handshakes, optimism, and a basic level of fact-checking. To be protected, and organisation must conduct thorough due diligence before undertaking any merger, acquisition, partnership, or other third-party engagement. And more than that, it is best to only enter business relationships with certified, ethical third parties that have a long track record of ethical conduct – and the bona fides to prove it.


ISO 37001 as the extra layer of trust

One of those measurements is ISO Certification. ISO 37001:2016 Anti-Bribery Management System Certification, for example, demonstrates that an organisation has gone through the training, best practices, implementation and compliance standards to effectively detect and prevent bribery.

Why is this important? For starters, research indicates that the approved ISO 37001:2016 standard actually goes far beyond just legal and regulatory compliance. According to World Bank, business grows an average of 3% faster where corruption is low. When looking at potential third-party partners, you want to team with entities that are ethical and successful, which in turn will stimulate your organisation’s success.

ISO 37001 is the only internationally recognised Anti-bribery Management System standard (ABMS) that reflects international good practice and can be used in all jurisdictions.  ISO 37001 ABMS certifies that the organisation has implemented reasonable and proportionate measures to prevent bribery. These measures involve top-level leadership, training, bribery risk assessment, due diligence adequacy, financial and commercial controls, reporting, audit, and investigation.

The ABAC® offers a complete suite of services and solutions designed to help organisations against bribery and corruption even when operating in multi-jurisdiction and multi-cultural environments. ABAC® offers Introductory, Internal Auditor, and Lead Auditor training to all personnel who are involved in the development, implementation and evaluation of their organisation’s ABMS and in coordinating anti-bribery compliance activities within the organisation. Our trainers see firsthand how our clients embrace the standard of this worldwide certification, and put it to work protecting their organisation. Whilst our certification is a mitigating piece of evidence to parners, regulators, prosecutors, or even courts that your company has taken meaningful steps in its efforts to prevent bribery and corruption.


Engaging unreliable third-party – what are the consequences?

Organisations that take integrity and ethics seriously enough to engage in ISO 37001 Certification are the types of suppliers, vendors, and partners that you can have confidence in building a successful relationship.

By contrast, what can happen when you engage with an unreliable third party, and fail to conduct proper integrity due diligence? The results can be scary. A few of the possibilities:

  • Merging with an international business embroiled in several behind-the-scenes legal battles
  • Partnering with organisations that are potential credit risks, have claimed bankruptcy, have dissolved stated companies are faced with debtor filings
  • Awarding work to an overseas contractor with absolutely no prior experience
  • Affiliating with a contracting company rife with corruption and conflicts of interests
  • Having your own organisation’s reputation damaged or destroyed through the actions of a third party

Growth is a critical part of running a successful business. It’s part of a winning formula that helps you reach new markets, a larger audience, and more customers. But it shouldn’t come at the cost of wagering your company’s future or reputation at the hands of an unethical partner.

Only do business with organisations you can successfully vet and trust.

ISO 37001 is an invaluable addition to your Third-Party Risk Management Strategy

Consider ISO 37001:2016 ABMS as one of the invaluable tools of your Third-Party Risk Management Strategy. Combined with due diligencebackground screeningbusiness intelligence and compliance solutions, ISO  37001 certification and training can lift your risk management process and help your business mitigate risks from third-party affiliations, protecting your organisation from liability, brand damage and harm to the business.

Provided with CRI Group, a global leader in risk management, due diligence and background screening solutions, 3PRM™ program is flexible and responsive to the various risk domains that are most important to your business. With a network of trained professionals positioned across five continents, CRI Group’s 3PRM™ services utilise one of the largest multi-national fraud investigation teams the industry has to offer.


About ABAC® Center of Excellence

ABAC® Center of Excellence is an independent certification body powered by CRI Group. ABAC® offers a complete suite of services and solutions designed to educate, equip and support the world’s leading business organisations with the latest best-in-practice risk & performance assessments, systems improvement & standards certification. Find out more about ABAC®!

ABAC® programs protect your organisation from damaging litigation & safeguard your business in the global marketplace by providing certification & training in internationally recognised ISO standards, such as ISO 37001 Anti-Bribery Management SystemsISO 37301 Compliance Management Systems and ISO 31000 Risk Management Systems.

Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk ManagementEmployee Background ScreeningBusiness IntelligenceDue DiligenceCompliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle. Contact CRI Group today for further information on how CRI Group can help your business.

Prove that your organisation is ethical with a FREE Gap Analysis of Highest Ethical Business (worth USD 4500):

Prove that your business is ethical. Complete our FREE Highest Ethical Business Assessment (HEBA) and evaluate your current Corporate Compliance Program. Find out if your organisation’s compliance program is in the line with worldwide Compliance, Business Ethics, Anti-Bribery and Anti-Corruption Frameworks. Let ABAC® experts prepare a complimentary gap analysis of your compliance program to evaluate if it meets “adequate procedures” requirements under UK Bribery Act, DOJ’s Evaluation of Corporate Compliance Programs Guidance and Malaysian Anti-Corruption Commission.

The HEBA survey is designed to evaluate your compliance with the adequate procedures to prevent bribery and corruption across the organisation. This survey is monitored and evaluated by qualified ABAC® professionals with Business Ethics, Legal and Compliance background. The questions are open-ended to encourage a qualitative analysis of your Compliance Program and to facilitate the gap analysis process.

The survey takes around 10 minutes to complete.