The modern organization is an interconnected jumble of relationships and interactions that span traditional business boundaries. Layers of relationships go beyond traditional employees to include an array of third parties. This means third-party risk management grows in complexity, as these interconnected relationships, processes, and systems nest themselves in intricacy, such as deep supply chains.
An enterprise is as strong as the weakest link in it's supply chain: certainly so when it has to do with managing risks. What frameworks are in place and under constant improvement in the enterprise to identify, prevent, minimize and mitigate these risks are key in a world of evolving traditional and Cyber Security threats? What parts of the full third party relationship lifecycle are we covering for? What are the regulators requiring from industries to ensure compliance?
Shouvik Ray, SVP, Head of IT Global Services Management, Bank of the West