Using third party suppliers puts organizations at risk of penalties and reputational damage, which can lead to significant downstream operational cost implications. Organizations are increasingly reliant on third parties, such as vendors, suppliers, service providers, agents, distributors, brokers, joint ventures and resellers, to deliver business-critical products and services. Therefore, it is essential that third party risk management (TPRM) is carried out strategically and correctly for the approval and management of third parties. Developing and implementing effective strategies can be challenging, so don’t hesitate to seek outside help.
Follow this field guide to third party risk management to optimize your organization's performance, reputation and security.