Policy, Program and Procedures

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  • 1.  Understand population of third parties

    This message was posted by a user wishing to remain anonymous
    Posted 22 days ago
    This message was posted by a user wishing to remain anonymous

    Hi all,

    Has anyone used a survey or other method to try to get an understanding of the full population of third parties in an organization and how they are managed and by whom?

    For example, we capture everyone paid through an AP process but there are many other categories of third parties that don't flow through that process and we'd like to expand our program to encompass everyone. 

    Just curious if others have gone through this effort and have recommendations. 

    Thank you!



  • 2.  RE: Understand population of third parties

    Posted 22 days ago

    We also checked for things being submitted as expenses or charged to a corporate card. Our Accounting team was able to share transactions that were posted to particular GLs. At least that helps find the vendors you are paying for. Web traffic could be another way, if your technology group whitelists IPs or has logs of organizational browser activity. Going forward, update P&Ps to be clear what needs to happen before any kind of new relationship is entered, even if it's creating an account for a free service. Those tend to be the accounts that don't get deactivated when an employee leaves the organization, and if the company doesn't know what folks are signing up for, they don't know how those accounts are authenticated, etc. – you can't assess the risk of a relationship you don't know about.

     

    Bridgette

     

     

     




    Original Message


  • 3.  RE: Understand population of third parties

    Posted 21 days ago
    Also look for revenue (eg. referral relationships)   generating relationships through a review of General Ledger income attributed to revenue. 



    Original Message