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Third Party Risk Management
Managing Risks in Your Extended Enterprise
It is not a new concept for organisations to engage with third parties for the provision of products and services, so why has third party management become so important?
Organisations in regulated industries continue to rely on the extended third parties to enable mission critical services, which in turn, can increase business exposures. With heightened and reinforced regulatory expectations in third party management, it is imperative to have capabilities at hand to continuously monitor and manage third party risk and performance.
There are a number of factors driving organisations to place increased importance on third party risk which can be broadly grouped into the following areas:
- Market condition
- Reputational impact
- Overseas providers
- Specialist supplier
Find out more about how our Third Party Risk Management Service can help you assess you enterprise risk management program to enhance your third party relationships and identify potential cost savings.