From big banks and university hospitals to retail fashion chains and every level of government, organizations around the world rely on third parties to provide products and services to keep them running effectively and efficiently. This is because outsourcing responsibilities to a third party helps you better serve customers, grow revenues and cut costs.
But bringing on third parties can also introduce a long list of risks that can do serious damage to an organization’s financial and reputational well-being. (Like the real-life risk management disasters you’ll read about later on.)
In this eBook, we’ll discuss the basics of third-party risk management, how it differs from vendor risk management and how to begin the process of picking a risk management framework that best fits your organization.