THIRD PARTY MANAGEMENT

Is risk-based due diligence applied to your third-party relationships? Do you undertake ongoing risk management of third parties throughout the duration of the relationship?

Third-party management refers to the process of overseeing and coordinating relationships with external entities that provide goods, services, or perform functions on behalf of an organization. These third parties can include suppliers, vendors, contractors, consultants, service providers, and partners. Effective third-party management is crucial for ensuring that these external entities comply with the organization’s standards, regulatory requirements, and strategic goals.