When you deal with third-parties, risk management should come first.
Companies are increasingly outsourcing internal operations to stay competitive in a fast-paced global marketplace. However, data breaches, administrative fines imposed by regulators or the collapse of critical suppliers are all significant risks to today’s extended enterprise.
At QuadPrime, our Third-Party Management helps you earn trust in these business relationships. We do this by:
Establishing a Third-Party Risk Management programme to assess the risks and reduce the likelihood of unexpected costs from operational failures, data breaches, vendor insolvency, regulatory fines or insurance limited liability
Initial Third-Party Review to cover documentation review, risk programme review, site review, resilience or contingency planning programmes and remediation plan
Developing an enterprise risk tiering system for all your critical third-parties based on established risk criteria
Drafting agreements with third-parties or reviewing existing contracts, which include appropriate safeguards with respect to legal and business risk factors and compliance verification procedures
Integrating your internal security and resilience with your extended enterprise through adaptations to policies, service level agreements, process and control improvement plans
Optimising your insurance cover and providing recommendations based on gaps identified, coverage adequacy and accuracy of insurance provisions within third-party contractsI