Third Party Management
How Do You Measure Third Party Risk?
Every business spends money with third party suppliers (TPS). Internet suppliers, water, gas, electricity, marketing, web design and maintenance are just some of the more commonly used ones. There are many more examples
We suggest you consider the following questions:
Do you have a detailed list of your suppliers?
Do you have a register of the risks each of your suppliers face which could impact your business?
What is the result of a supplier failing?
What happens if more than one supplier fails?
Do you have alternative suppliers that can immediately take on your business if any of your current ones suffer a major disruption to their service?
How do you measure the value they provide?
How often do you carry out comparison checks of alternative suppliers?
As qualified risk management professionals we know and understand how critical it is to mitigate third party risk. Talk to us about how to look more objectively at your third parties, and to find out how this benefits your business.
