How does third-party risk management handle conflicts of interest that arise between competing third-party vendors?
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How does third-party risk management handle conflicts of interest that arise between competing third-party vendors?
One way third-party risk management handles conflicts of interest between competing third-party vendors is by implementing fair and transparent vendor selection processes. This may involve clearly defining selection criteria, requiring disclosures of any potential conflicts of interest, and ensuring that decisions are made based on objective factors rather than personal relationships or biases. Additionally, establishing clear contractual terms that outline expectations, ethical standards, and procedures for addressing conflicts of interest can help mitigate risks in vendor relationships. Regular monitoring and audits can also help identify and address any conflicts as they arise.