The Risk of Third-Party Engagements
As organizations flourish in today’s fast-paced business environment, it makes good sense to turn over specialized tasks to businesses that do it best via third-party engagements. These third-party arrangements give businesses the chance to focus on achieving core strategic objectives while keeping up with non-core—but still extremely important to operations—tasks related to administration, accounting, IT services and more.
While third-party engagements offer organizations many practical benefits, they do not come without a certain degree of risk. If you are considering outsourcing one or more business tasks, it is important to develop and implement the appropriate third-party controls and monitoring strategies to ensure that third-party businesses are performing effectively, efficiently and in compliance with your respective agreements. A solid third-party risk management plan can help.
Our Trusted Vendor Risk Assessment Services
- Assessing the risks of using vendors, suppliers, contractors, or service providers for a certain task in its respective industry.
- Reviewing each vendor’s evaluation framework.
- Monitoring and assessment of third-party’s risk profile and any potential areas of vulnerability.
- Performing onsite third-party risk assessments, as required by your current process.
- Scheduling future assessments on a regular basis.
Streamlined Third-Party Risk Management
I.S. Partners, LLC. can help with your organization’s third-party risk management needs in a variety of ways, including:
- Assisting you in developing a third-party risk management function, specifically tailored to your organization.
- Creating and maintaining an inventory of third parties that includes the functions they perform, as well as the critical and/or confidential information they regularly access.
- Mapping current vendor management processes to industry standards and proven risk management frameworks.
- Drafting contracts that clearly define the responsibilities and expectations of the third-party.
- Developing and implementing a process for monitoring performance and ongoing risk management of third parties.
- Performing due diligence before engaging third parties.
Take the Anxiety out of Risk Management
When you work with I.S. Partners, we make sure you are in a peak position to reap all the benefits of third-party outsourcing engagements without worry. Contact our team to get started with a free consultation.