As the global marketplace grows increasingly complex and competitive, outsourcing/ third-party relationships have become critical to cost reduction and increasing capability. They can help enhance customer experience, accelerate speed-to-market and protect reputation. However, whilst there are advantages to working with third parties, it can add complexity to your organisation’s risk profile.
The risks requiring careful assessment and management as part of a third-party relationship include legal and regulatory compliance, environmental, social and governmental, operational resilience, financial, and broader reputational risks. So, how do you make informed business decisions about third parties and the risks they pose to your organisation?
How we can help
KPMG’s Third-Party Risk Management (TPRM) practice has been advising organisations for many years on the most suitable framework, operating model, methodology and tools. Supported by our industry experience and market leading technology, we help businesses bring together the key components of an effective TPRM program. Whatever the maturity of your current capability, we can work shoulder to shoulder with you to ensure that third-party providers are a source of strength for your business, not a weak link.
We help you with:
- Continuous TPRM Programme Monitoring
- Perform risk and control assessments throughout the third-party lifecycle
- Develop and test exit plans
- Deliver TPRM managed services incorporating latest technology
- Implementing the due diligence procedures that you need to deal safely and responsibly with third parties;
- Third-party risk identification and assessment;
- Conducting a maturity assessment of TPRM capabilities and leverage our extensive experience to compare against industry benchmarks;
- Assessing compliance with regulatory expectations; and
- Assessing third-party resilience.