Montreal, Quebec: The annual Association of Certified Fraud Examiners (ACFE) Canadian Fraud Conference was held in Montreal from October 29 to 31, 2023 at the Palais des Congres. Mandy Yousif along with the President of the ACFE-Greater Toronto Area (GTA) Chapter, Mark McManus, , spoke on managing and mitigating “Third Party Risks.”
Defining third parties as an external fraud risk is a necessary part of an organization’s fraud risk assessment. In this session, Mark and Mandy discussed common operational, cybersecurity, financial, regulatory, compliance, privacy and reputational risks to companies from third-party vendors. They also discussed third party due diligence—“know your vendor” practices based on the level of risk presented by the vendor.