3PRM - the Third-Party Risk Management StrategyDate:
02 Jan 2018
It's highly probable that, at some point, organizations that affiliate with outside providers will eventually have to deal with an operational interruption resulting from a third-party related issue. The risks involved in partnering with outsiders hasn't changed over the centuries. It's the potential liability that's been ratcheted up several notches. International borders have been ripped down. Technology has improved the way businesses communicate. Easy access to data and information enables the media to report on the business news before a business can properly respond. And the markets are quick to form opinions based on a 24/7 on-demand news cycle.
The result of this increased liability is problematic. Business litigation has skyrocketed. Corporate reputations are constantly being assaulted. Business strategies are forever shifting. Board members are becoming increasingly subjected to intense scrutiny from outside critics. And a highly educated market responds immediately with their pocketbooks.
CRI Group having a network of local subject specialist operatives across the Middle East and Asian regions can extend helping hand and offer integrity due diligence being preemptive measures against:
- Experiencing financial loss when a third-party provider failed;
- Losing customers because of poor-quality service from a third-party;
- Exposing breaches to data systems because of poor security practices by a third-party;
- Experiencing supply chain issues due to poor disaster recovery procedures by the third-party;
- And being exposed to litigation because of relationships with an outside provider that significantly violated contractual terms, potentially resulting in regulatory exposure.
When Working with Third-Party Providers, CRI Group designed the solution: “3PRM” – the “Third-Party Risk Management” Strategy! A Proactive Approach including offering ISO/IEC 37001:2016 Anti-Bribery Management System certification and training to mitigate the risks involved with Third-Party affiliations to protect the organization from liability, business interruption and brand damage.
Are you establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business?
Contact us today.