The main benefits of managing third-party relationships are
scalability, market expansion and growth opportunities. Collaborating with
external parties such as suppliers, contractors and vendors brings these
benefits but also exposes businesses to financial and reputational risk.
Cybersecurity weaknesses can be a common focus of
third-party risk management, but it should extend well beyond this; it involves
a whole host of other aspects such as safety procedures, environmental impact,
ethical business practices and corruption. How third-party vendors or service
providers operate directly impacts the reputation of the company hiring them.
Third-party management can be a complex process for
businesses, but when done correctly it brings significant benefits.
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