Minimise your exposure to risk.
Achieve an enterprise-wide risk management strategy so third-party providers are a source of strength for your business – not a weak link.
Global transactions, regulatory enforcement and the continued focus on operational resilience increasingly compel companies to examine their business relationships in order to assess risk and comply with regulatory mandates.
Increasing dependence on third-party relationships, coupled with increasing regulatory and public oversight, exposes organisations to a host of new and serious risk and compliance issues. With this shift toward third-party driven business models, managing third-party risk has taken on a renewed sense of urgency. Because responsibility for the actions of your third-party affiliates falls on no one but you. So how can you minimise your exposure to financial, legal, regulatory, operational, reputational and governmental risk?
|Managing third-party risk has taken on the need for longevity.|
Aside from addressing risk management needs and regulatory requirements, institutions should develop a risk-based program which also incorporates a complimentary suite of preventative and detective controls across the three lines of defence.
Whatever the stage of your relationships, we will show you how to so third-party providers are a source of strength for your business – not a weak link. Our programs and services are designed to help organisations design, implement and manage third-party risk across the end-to-end supplier lifecycle, to maximise efficiency and effectiveness, reduce costs, increase quality, all while helping to improve employee and customer experiences.
|Considerations for beginning your third party risk journey.|
In KPMG's experience, organisations will typically go through a 'build, control, anticipate' approach to managing third-party risk, depending on the maturity of their ecosystem. Elements to start working on include the following:
|Strengthening and enhancing your third party risk management capabilities.|
For organisations that are further on the third-party risk management journey, more comprehensive steps include the following:
|For more information on third party risk management, contact the team below.|
|More insights, thought leadership and research related to risk management.|