For many U.S. companies, the coronavirus pandemic and business shutdowns have set off a scramble for new overseas vendors and suppliers. But more than simply finding a suitable third party that can keep business moving forward, organizations must take into account whether the vendor’s location and/or principals may violate U.S. trade rules and regulations. Staying abreast of fast-evolving trade rules and having the right methodology to capture and address third-party risks will prevent costly and damaging mistakes.

In this article, Protiviti's Bernie Donachie and Kyle Appell offer third-party risk management advice to organizations in this position.