The three-plus-one riddle: Managing third party and related risks

Working with third parties and their counterparties is intrinsic to conducting business today. However, if not appropriately monitored, the risks posed by them can be significant and the ramifications, severe. The risks posed by third parties and counterparties relate to non-compliance, loss of information, tarnished reputation and financial or legal costs to name a few.

Appropriate third-party due diligence and compliance to manage these risks, therefore, must be given high priority in a risk management programme. A third-party risk management programme can be more effective when it is devised keeping in mind the organisation’s distinct requirements and risk appetite. 

We simplify the ‘three-plus-one riddle’ in this edition of Compliance Connect as we walk you through the illustrative risks imposed by third and fourth parties and some of the areas that must be considered to mitigate these risks effectively.

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