As more companies seek to reduce costs, improve efficiency and ultimately improve profitability, many of them are using third-parties such as vendors and suppliers to outsource their key functions, processes and operations. Despite the advantages associated with outsourcing, there exist various risks that companies need to consider in order to maximize the benefits of outsourcing. To control these risks, many companies are building third-party (vendor/supplier) risk management programs to help them identify, analyze, assess, mitigate and monitor those risks. For more information about how to build a third-party risk management program, please refer to the resources below.
Third-Party Oversight Regulations for Financial Institutions
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