Third Party Management and Assurance

Protecting your business and clients with third party risk management

• Greater organisational resilience from an increased understanding of their party risks, the mitigation strategies and alignment with risk appetite.
• Increased economic benefits including reduced costs, better allocation of resources and increased transparency through consistent application of best practices.
• More efficient processes through harnessing technology to enable automation of third party management practices, providing the assurance needed for effective supply chain risk management.
• Ensures a more holistic view of third party risks within the organisation from contracts, procurement, service performance management, risk management and contract lifecycle management.
• Enables effective mitigation of supply chain risks including data, cyber security, information security, operational continuity. Weaknesses in third party management programmes and environments can be exploited to the detriment of client firms.
• Better preparedness, providing “playbooks” when the inevitable happens and a third party’s internal controls are breached.
• Enhanced management and organisational confidence in the adoption and implementation of third parties and outsourcing models.
• Greater access to skilled and experienced resources necessary to manage an organisation’s third party against a backdrop of increasing complexity, greater dependence and integration and more regular threats.
• Compliance with regulations issued by PRA, FCA, EBA that could otherwise result in substantial fines and remediation.