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Manage third party risk

Are your business partners reliable?

Now more than ever, businesses rely on third parties to achieve a wide range of business objectives. Rather than pay for infrastructure and full-time employees, businesses ranging from struggling start-ups to established firms now outsource part of their workload. These solutions obviate the need for many capital investments, freeing cash and resources for other pursuits. They have also stoked demand for trust and transparency, which are becoming weightier concerns. Although working with third parties is often a fast, affordable way to boost sales, cut costs and meet your goals, these alliances can also expose your company to unknowns, and unknowns mean risk.

No risky business

If your business engages in third-party relationships, appropriate and responsible due diligence, accurate risk assessments and business partner classifications standards are essential. So, too, are reliable approval and contracting processes. Should you encounter a snare, established protocols for handling your response and working toward remediation will also prove invaluable. PwC can help. We affirm whether external vendors qualify as sound partners, and apply a compliance framework that focuses on the risks inherent to working with them. Prepare to get the most from your third-party relationships.

 

Contact us

Cyril Azobu

Cyril Azobu

Partner & Advisory Leader

Tel: +234 1 271 1700

Eyita Otudor

Eyita Otudor

Senior Manager

Kingsford Arthur

Kingsford Arthur

Associate Director, Ghana

Tel: +233 30 2761500

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