Sanctions and Third Party Risk: What Every TPRM Practitioner Should Know | TPRM Exchange – Episode 4

Sanctions risk does not stop with your direct third parties—or at national borders. In this episode of the TPRM Exchange, host Hilary Jewhurst speaks with Michael Volkov, CEO of The Volkov Law Group and a former federal prosecutor, about how sanctions affect third party relationships throughout the lifecycle. They discuss: • The primary types of sanctions and how they apply • When sanctions screening should occur • Beneficial ownership and nth-party exposure • Practical controls for organizations of every size • How monitoring tools help identify newly sanctioned parties • What to do when an existing supplier triggers a sanctions alert • Why procurement, compliance, legal, and TPRM must work together Whether you are formalizing your sanctions screening process or evaluating your existing controls, this conversation offers practical guidance for building a more defensible program. –Chapters– 00:00 Welcome to the TPRM Exchange 00:15 Introducing the Episode and Guest 01:25 Michael Volkov’s Background 02:30 A Common—and Dangerous—Sanctions Assumption 03:38 Sanctions 101: Types of Sanctions 08:16 Where Sanctions Appear in the Third Party Lifecycle 12:14 Screening Organizations and Beneficial Owners 14:48 Sanctions Risk Across the Supply Chain 18:22 Penalties, Enforcement, and Voluntary Disclosure 21:35 Minimum Sanctions Controls for TPRM Programs 23:59 Screening Existing Vendors and Ongoing Monitoring 28:31 Gaining Business Buy-In 32:25 Options for Smaller Organizations 36:38 Defining Internal Ownership and Workflows 42:00 Third Party Risk Across the Organization 44:14 Responding When an Existing Supplier Is Sanctioned 48:18 Two Actions Practitioners Should Take 49:49 Where to Learn More from Michael Volkov 52:18 Closing Remarks Learn more about the Third Party Risk Association and access additional TPRM resources at https://www.tprassociation.org/resources.