The Tally on Third Party Ethics

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The Tally on Third Party Ethics

February 12, 2008 2:05 PM

It is imperative to use a code of practice or conduct when addressing third party ethics and compliance issues, according to 95 percent of companies surveyed by The Conference Board and the Ethics and Compliance Officer Association (ECOA). It is currently uncommon for written policies to apply to individual third parties; sixty-nine percent of companies have standards that apply to all third parties. The survey results also indicate that organizations prefer to conduct background or due diligence checks on third parties as opposed to expecting them to adopt company ethics and compliance programs or maintain their own systems.