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:
- Conducting third party operational risk reviews and creating a risk framework
- Carrying out a third party risk assessment
- Regular risk audit reports to provide assurance