Your responsibility, but not in your control: third party risk management
An outsourced third party risk management service creates a fully-informed risk discussion
Few corporate leaders would consider ignoring the dangers of failing to manage third party risk. But exactly how to successfully manage it is a far trickier question.
Companies increasingly reap the benefits of outsourcing non-core functions to external providers – this allows them to focus on the areas their organisation knows best as external specialists handle the rest. But while they are an operational necessity and a commercial reality, third party relationships create vulnerabilities.
Third party data breaches over the past year have included several high-profile cases and fines can easily add up to millions of dollars. In this CIPS Download whitepaper, produced in partnership with IHS Markit, we look at the dangers, the solutions and the broader considerations you must contend with when it comes to building an effective third party risk management (TPRM) programme.
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