In an increasingly interconnected global business environment, firms are becoming more reliant on third parties for critical operations, processes, and functions. Globally, regulatory bodies are emphasising for transparency in third party relationships, setting higher standards for risk oversight. This shift isn’t just a strategic imperative, but it’s a recognition of third-party risk management (TPRM) as cornerstone of responsible and ethical business practices.
The pulse of modern business comes with rising risks
In the intricate web of modern businesses, third parties – including suppliers, business partners, vendors, contractors, service providers, customers, as well as the fourth, fifth and nth parties are essential. But they also come with apparent and hidden risks, ranging from compliance with regulations to addressing cybersecurity and data protection risks.
