Although organizations depend on third-party relationships more than ever, a Deloitte Global Study revealed that 70% of participants acknowledged the higher risk that came with those partnerships and felt ill-equipped to deal with it. In order to achieve business objectives while still addressing risks and acting with integrity across third-party relationships, it is crucial to invest in the emerging GRC focus areas outlined in our white paper.
The industry is changing at warp speed. Professionals are weighing the implications of the shifting slope of GRC. To compete and comply, organizations must be proactive—not reactive—in managing risk. GRC pundits are offering insight on a myriad of risk-related subjects, including emergent technologies, regulatory environments, fresh threats, and other rising issues, that can inform the risk management decisions of corporations. Get the latest recommendations and best practices by downloading our white paper.
Third-party risk management is increasingly popular for organizations today. Businesses no longer are required to operate within the confines of a physical building filled with employees. To put their products and services on the market, many organizations now rely on a vast network of various business relationships and employees. These business partners include suppliers, vendors, service providers, dealers, and more. Employees comprise of telecommuters, contractors, subcontractors, and consultants. However, with these relationships come considerable risks as disparate people, processes, and systems intersect less inside brick-and-mortar walls and more in the digital ecosystem.
In an effort to fend off the onslaught of cyberthreats, third-party compliance regulations are growing at a fast rate. Regulations, including the US Foreign Corrupt Practices Act, the US Conflict Minerals, PCI DSS, the California Transparency in Supply Chains Act, the EU’s GDPR, and the UK Bribery Act, are requiring organizations to rethink and often revamp their third-party risk management strategies.