Third-part risk management and guarantee

Companies increasingly rely on third parties to drive their business, reduce costs, and improve performance. However, working with external organizations involves a whole set of risks that did not exist in the past. We can help you assess and manage risks associated with third parties so that you can focus on achieving your strategic objectives.

Our approach

Third-party risk management has become more vital as companies progressively outsource critical operations. The shift to cloud infrastructure, for example, means that the failure of an externally contracted party can render a company unable to even perform its most basic functions.

However, while core tasks have been outsourced, responsibilities have not. Regulators in sectors such as finance have made it clear that blame for failures cannot be placed on contractors and that companies must have a formal, rigorous approach to assessing and managing the risks created by dependence on third parties.

We offer a robust approach to third-party risk management and assurance for clients who require an effective control framework for their relationships. Our team of experts has extensive experience and can leverage this extensive expertise to ensure that you mitigate errors and continue to achieve your objectives.

Third-party risk management requires three steps:

• Conduct operational risk reviews of third parties and establish a risk framework.
• Perform a risk assessment of third parties.
• Obtain regular risk audit reports to provide assurance.

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