Third Party Risk Management - Vendor Risk Management

Vendor Management has been under the regulatory scanner during the recent years. Its growing importance is mainly due to the fact that the complex inter-relationships of various companies is resulting in inherent systemic risk and over-reliance on third parties.

Companies today are outsourcing almost everything and building business models with just a small percentage of business functions internally.

Background

If you thought third party is all about vendors, think again. Employing a third party means more than just vendor risk management. It also involves suppliers, agents, distributors, accountants, intermediaries and sometimes even customers. All these stakeholders are creating risks for your organisation at all times.

Companies have to ensure that there are processes to protect confidential IT information, ensure ethical dealings, mitigating noncompliance with code of conduct and ultimately managing reputation risk.

The Challenge

Outsourcing risk or third party risk are often he silent killers because they can blow out of proportion in a short span of time. A sales agent misbehaving with an important customer, a data theft at outsourced vendor's office are just some examples. All this requires a different risk management lens that focuses specifically on third party risk as a unique risk. Your operational risk frameworks are not adequate.

Outsourcing Risk Management Services

Today, as more and more business processes are outsourced, there is a unique need to manage outsourced partners and relationships in a way that is as dynamic as the competition itself. From legal documentation to BCP to profitability from such outsourced arrangements, the risks are many.

Riskpro has deep expertise in outlining good vendor risk management and specifically outsourcing risk management. We help you to build a good framework for managing outsourcing lifecyle.

Supply Chain Risk Management

As outsourcing becomes the norm, all your suppliers or third parties are likely to in turn have third parties, who for you are fourth parties. So, as supply chain becomes challenging, global and more complex, it is important to get a sense of the potential disruption caused directly by your suppliers or your supplier's suppliers.

Therefore, supply chain risk management assumes great importance as we go global. Talk to us for more information.

Contact

Manoj Jain
98337 67114
manoj.jain@riskpro.in

More Info: 
Manoj Jain: 9833767114, manoj.jain@riskpro.in
Tags: 
Tags: 

Other Services of Interest

  • Global Compliances - Free Webinar on key Global Regulations

    EVENT OVERVIEW: Riskpro India is conducting a free webinar on how to be future ready with respect to Global Compliances. Alleviate risk and strengthen your control on global compliance with this...
  • Sarbanes Oxley (SOX) Compliance - Free Webinar

    EVENT OVERVIEW: Riskpro India is conducting a free webinar on SOX (Sarbanes Oxley) Compliance which will take you through the applicability and requirements of the SOX 404 and 302 Act. The...
  • Auditing EUC - Free Webinar

    EVENT OVERVIEW Uncontrolled and untested spreadsheet models pose significant business risks. These risks include: lost revenue and profits; mis-pricing and poor decision making due to prevalent but...
  • Personal Data Protection Services (PDP) - India

    Overview of the Indian PDP Bill (draft) 2018 The Indian PDP Bill (draft) 2018 is one of the most momentous steps towards safeguarding the personal data of citizens. The Bill gives citizens a say...
  • SSPA Assessment - Microsoft DPR Assessments

    The Supplier Security and Privacy Assurance (SSPA) and Data Protection Requirement (DPR) previously known as the Vendor Privacy Assurance Program is an assessment for Microsoft suppliers/vendors who...
  • Self Assessment Software Login - India Data Protection Regulation

    Riskpro India has developed a Self Assessment tool to evaluate and manage the compliance gaps against the almost here regulation on Data Protection. The Free Login access provides you the ability...
  • India: Data Protection Services

    The EU General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in 20 years. Now India has its own version of Data protection regulation that will change...
  • Fire Safety Assessments and Training

    Some of our features of Fire Safety Assessments and Training • Fire Science • The common causes of fire • Identify fire hazards • Types of fires and extinguishers • Fire...
  • Data Protection Officer (DPO) Services

    Why a DPO The General Data Protection Regulation (GDPR) makes it compulsory for certain companies to appoint a DPO. this is a mandatory position that is expected to carry out certain defined tasks....
  • Go to top