Do You Know How Third Parties Really Impact Your Business Objectives?
RSA News, August 6th, 2019
August 6, 2019,
Volume 257, Issue 1
Many organizations use third parties extensively to augment their capabilities, leverage external innovation, outsource activities or cut costs
Third parties play an increasingly vital role in today's digital initiatives, but third-party ecosystems and supply chains are becoming more technical, digital and complex. The challenge is not as much in engaging third parties as it is in managing the risks to the organization's business objectives they bring. What's more, third-party risk isn't just one type of risk-it's a mixed bag that impacts the organization differently depending on their dependence on third parties, how strategic third parties are to their objectives or if they represent a single point of failure. Risks that are not managed correctly can result in business impacts, including financial losses, reputational damage, regulatory non-compliance and erosion of customer confidence.
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