Risk management and Covid-19: monitoring of service providers.
Third party risk management is being addressed in most organizations where services are being rendered by external service providers, such as IT datacenters and cloud service providers. Based on contracts and service level management agreements the quality of services delivered is being managed, monitored and discussed between parties. In 'usual times' this takes place on a regular basis, let's say quarterly. But in these unprecedented times, dealing with Covid-19, one can argue whether the regular monitoring and reporting still suffices from a risk management perspective. What should organizations do additionally in managing the risks in the external service provider relationship?