How do you know that that Company are delivering on their commitments to you? How do you know that the Company are managing your risks responsibly?
When your Company is entering into a new outsourcing arrangement are you sure that you are capturing all the risks attached to the services, and none are missing? Do you have proper controls in place to ensure that the risks will be captured.
Entering into third party relationships creates for you both a reputational risk and an operational risk. Do you have in place a suitable Third Party Risk Management framework to identify and manage these risks?
We can provide expert input into helping you challenge the risks associated with specific arrangements.
We have gained insights into the design, adoption, and sustainability of such frameworks and can work with you to implement a suitable management process commensurate with the risks associated. This includes establishing strong sponsorship and leadership, creating a complete inventory of all relationships and assessing the nature and magnitude of the risks associated.