Discription

Management of a third-party relationship is no different than how organizations manage internal processes, with compliance monitoring, procedures, and business continuity plans. It requires cooperation, partnership, agreed-upon performance expectations, and a shared desire for preparedness so the appropriate oversight can be provided. In an increasingly complex world, it is critical that third-party risk and relationship management practices constantly evolve to remain relevant and embrace tools such as scenario planning to ensure readiness for potential future threats.