Managing third-party relationships is crucial to protecting your business

 

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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