With increased regulatory scrutiny, continuing cost pressures, active investors, and a vigilant public, it’s important you have a clear understanding of the inherent risks that come with external business relationships.
By recognising and proactively addressing these third-party issues, as a business leader, you can reduce your organisation’s exposure to risk while achieving stronger relationships with service providers, suppliers, and delivery partners.
When evaluating, implementing, or expanding third-party relationships, it’s critical to have a strong understanding of the risk landscape and how the desired benefits – whether improved agility, increased performance, or cost savings – could be weakened by unforeseen vulnerabilities.
Our approach to a third-party assessment is to understand what information assets will be accessible or maintained by external parties and the value of those information assets from legal, standards, contractual obligations and IP perspectives.
This information will then be used to amend our Supplier Audit Framework to evaluate suppliers based on the value of scoped information and protection required by business or legislations.
Following response from your supplier, we will analyse and evaluate the risk in assessing the maturity of controls implemented by your third-party supplier. Results of the analysis are delivered to you via a written report, arming you with the right information about your third-party relationships.