Third Party Risk Management
Organizations often use third parties to drive business growth, bring in niche expertise or reduce costs; From outside contractors, to telecom providers, service providers and for an incredibly diverse range of other services and providers. Using third parties enables organizations to focus on their core offering, accelerates delivery of goods and services, and so much more.
Use of third parties is important from the strategic standpoint, but can come with significant risks. As regulations continue to grow, organizations are subject to additional risks involving third parties – suppliers, IT support, agents, etc. These regulations hold organizations responsible for the actions of any party doing business on their behalf. The magnitude of these risks are varied and depend on the resources third parties have access to within the organization. Among other considerations, information security risk must be managed carefully to avoid non-compliance, fines, and brand damage.