Third Party Risk Management
“80% of legal and compliance leaders tell us that third-party risks were identified after initial onboarding and due diligence” Gartner
Strengthening your supply chain with a proactive approach to Third-Party Risk Management
Third-party risk is the possibility of threats and vulnerabilities that an organisation may face as a result of its interactions with external entities. These entities may include suppliers, distributors, intermediaries, logistics providers, and customers. Cybersecurity, compliance, and operational disruptions are among the potential risks that businesses may face from these external partners.
To protect their reputation, revenue, and overall business operations, organisations must address third-party risk. This requires evaluating and mitigating potential risks associated with external entities to ensure the security and reliability of the entire business ecosystem.
The Importance of Third-Party Risk Management
Third-party risk management is a crucial concept that has gained significant attention in recent years. With an increase in data breaches and a growing reliance on outsourcing, organisations across industries need to be more cautious than ever before. Disruptive events can impact every business and their third parties, regardless of size, location, or industry.
Here are some ways third-party risks can impact an organisation:
Internal outages and lapses in operational capabilities
External outages affecting areas across the supply chain
Vendor outages that open your organisation to supply chain vulnerabilities
Operational shifts that affect data gathering, storage, and security
Most modern organisations depend on third parties to operate efficiently. If these third parties, vendors, or suppliers fail to deliver, there can be devastating and long-lasting impacts.
While outsourcing is a cost-effective and efficient way to utilise expertise that an organisation might not have in-house, without a proper TPRM program in place, relying on third parties can leave your business vulnerable.
Why teams work with Peritus
We work alongside internal IT and security teams when clarity, progress, or independent input is needed.
Our role adapts to your environment and priorities; whether that’s addressing a specific issue, strengthening controls, or providing ongoing assurance alongside existing teams and partners.