Third parties are an important key to the success of a business. Organisations of all sizes are becoming more and more reliant on third parties for their innovation, growth, and digital transformation.
But, a strong reliance on third parties can be risky. The risk posture of a third party is crucial to the risk posture, resilience and reputation of a company using a third party. It can be very costly and difficult to deal with a third-party incident, with consequences including regulatory actions, damage to reputation and a loss of revenue. Third parties need to be carefully vetted with ongoing risk assessments to ensure that an organisation is protected and secure.