Management of third party risks has become more vital as companies outsource progressively critical operations. The move to cloud infrastructure, for instance, means that the failure of an outside contractor can leave a business unable to perform even its most basic functions.
Yet while core tasks have been outsourced, the responsibilities have not. Regulators in sectors such as finance have made clear that failings cannot be blamed on contractors and that companies must take a rigorous, formal approach to assess and manage the risks created by reliance on third parties.
We offer a robust approach to third party risk management and assurance to clients who require an effective control framework for their relationships. Our international team of specialists has broad sector experience and can draw upon extensive experience to ensure you mitigate risks and continue to meet your objectives.
Managing third party risk requires three stages:
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Digitalisation, climate change and the cost of insurance have dominated agendas in early 2024 for insurers and regulators alike. While macroeconomic conditions have stabilised, technological advancements and legislative developments promise to keep insurers busy into the summer months and beyond.
Since the beginning of the year, several articles and speeches from the Central Bank of Ireland (CBI) have singled out the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as being of increased risk, with concerns that an operational or financial failure could cause a significantly impact the European Economic Area (EEA) financial system.
Mazars is delighted to have supported Aerospace Software Developments (ASD) on its sale to Descartes Systems Group.
Independence and rigour that provides confidence and transparency for stakeholders and society.
Build trust with a robust approach to technology, processes and controls
Helping you create a resilient framework and culture that keeps you a step ahead of uncertainty
Protect your strategic vision through a dynamic approach to internal audit
Embed a risk management culture into your business strategy
Helping you anticipate and react to an evolving regulatory environment
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