Building or enhancing trust in third-party relationships is becoming an increasingly significant consideration. This is especially true for critical suppliers and other third-party relationships. More organisations recognise the correlation between trust, financial performance, and resilience. Our previous research on this emerging interrelationship identified four key factors that build and enhance trust: capability, reliability, transparency, and humanity.
Our 2023 survey results suggest that only a few firms are prioritising all these factors when trying to enhance the level of trust around third-party relationships and provide them with more flexibility on oversight.
Overall, further work needs to be done by many organisations to enhance trust as this topic continues to evolve.