All companies rely on third parties to some extent. While some have only a few third-party relationships, others have thousands. They can help companies save costs, improve service speed, and provide global access. They can also allow companies to be more flexible and competitive. But third parties can also pose risks, from reputational and brand risk to the risk of serious financial damage.
So how can boards make sure there’s enough focus on third-party risk management before problems arise? In this paper we answer this question as we explore the basics of third-party risk.