How your board can oversee third-party risk
Given the sheer number of third parties on which companies rely and with whom they collaborate it’s important to evaluate and manage the related risks. Boards can play an important role by ensuring management has established effective third party risk management programs.
Read "How your board can oversee third-party risk" to learn:
How third-party risks grow with increased dependence on third-parties
The hurdles to understanding third-party management risks
Common third-party risk areas, and questions boards can ask about third-party risk
Using third parties is a natural part of business. Third parties provide companies with many benefits, but they also bring risks. The sheer number of third-party relationships companies often have makes it difficult to oversee the risks involved. That’s why having an efficient and effective third-party risk management program—including oversight from the board—is critical.