Third Party Governance and Risk Management - KPMG Singapore
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Third Party Governance and Risk Management

Third Party Governance and Risk Management

Managing the risks of business relationships

Managing the risks of business relationships

Globalization and increasing regulatory pressure require organizations to examine their business relationships in order to assess risk, make informed decisions, and comply with the applicable laws. Failure to adequately scrutinize the participants of the ecosystem (clients, vendors, agents and business partners) could expose organizations to reputational damage, operational risk and government inquiry, monetary penalties and even criminal liability.

In the current landscape where organizations across various sectors outsource or offshore their business activities, there is a large portfolio of third party outsourcing risks that must be managed. These include strategic risks, financial risks, cyber risks, business continuity risks, operational risks, compliance and legal risks, geopolitical risks, quality risks, reputational risks and credit risks.

KPMG assists clients in identifying and prioritizing higher-risk business relationships, implementing and enhancing overall due diligence processes and protocols, and performing customized integrity due diligence on third parties based on varying levels of risk.

We also advise on the implementation and enhancement of third party risk management processes and protocols for in-scope third party intermediaries (new and existing) to determine and focus on those relationships where further integrity due diligence may be required. We also advise on performing appropriate, risk-based integrity due diligence to obtain critical information, so that we can evaluate and manage business risks related to third parties and provide ongoing monitoring of test process improvements (TPIs) based on a defined criteria.

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