In a perfect world, in-house counsel and chief compliance officers would have complete trust that their third-party partners conduct sufficient due diligence and take the proper steps to prevent legally risky behaviors. Unfortunately, this level of confidence often isn’t the reality, according to a recent Consero Group survey of CCOs.
To create the “Spring 2014 U.S. Corporate Compliance and Ethics Data Survey,” Consero spoke to 63 CCOs from Fortune 1,000 companies to learn more about their concerns and priorities. “The most glaring finding was that over half of the surveyed CCOs felt their company suppliers are not sufficiently focused on minimizing risk,” Paul Mandell, founder and CEO of Consero, told CorpCounsel.com. Some 52 percent of respondents felt this way, a statistic that is somewhat disheartening considering that the increasingly global nature of business leads companies to work with more third-party partners. In fact, 40 percent of the CCOs surveyed said they had increased the number of suppliers they use over the last year.
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