Today, millions of companies rely on outsourced providers for critical functions. They are now considered business partners—and their risks are your risks. Having a third-party risk management (TPRM) plan with tangible metrics allows your company to have a holistic view of your processes.
Our white paper discusses several measures to consider, how to identify the business value you want to gain with the function or capability being measured, and how to define objective criteria to assess this value.
Ultimately, an effective TPRM strategy will provide you with the means to:
- Apply a methodical, standardized approach to assessing third-party risk.
- Manage and mitigate issues that are identified and speed the time to resolution.
- Proactively identify potential or emerging risks.
- Bring down the number of third-party-related incidents and losses.
- Reduce overall third-party risk and third-party-related audit findings.
- Enable a better understanding of the risks third parties pose throughout the organization.
TPRM is a multifaceted challenge, and successfully managing it requires an integrated approach. Read our white paper to discover more keys to an effective TPRM strategy, and make sure your plan is on the right track.