What are the challenges of managing third-party risks in a global context?

Global businesses face various unique challenges when managing third-party risks, including differences in legal and regulatory environments, cultural differences, language barriers, differing business practices, and varying levels of transparency and accountability. To address these risks across different regions, companies can implement robust due diligence processes for selecting and monitoring third-party vendors, conduct regular risk assessments, establish clear communication channels, provide training on compliance and ethical standards, use technology for monitoring and reporting, and establish a global risk management framework that takes into account regional differences.