As the global marketplace grows increasingly complex and competitive, 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. Strong governance is required for confidence in your extended control environment, particularly with heightened regulatory expectations.
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. With a shift towards extended enterprises and third-party driven business models, managing third-party risk has taken on a renewed sense of urgency and is high on the board’s agenda. So, how do you make informed business decisions about third parties and the risks they pose to your organisation?
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 implement the due diligence procedures you need to deal safely and responsibly with third parties.
Risk Identification and Assessment
- Conduct a maturity assessment of TPRM capabilities and leverage our extensive experience to compare against industry benchmarks
- Assess compliance with regulatory expectations
- Assess third-party resilience framework
- Perform an internal audit assessment of TPRM framework and capability
- Embed assessments within change initiatives or programme assurance
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