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A Third Party Risk Management Process is Critical to Successful Outsourcing
So the business has decided to outsource for strategic reasons; cost reduction, core business focus, increased market penetration (taking production nearer to the target market) and or access to expertise not readily available in-house, to name but a few. What should you do before you outsource? What is the Process you have to follow to establish whether a) you are outsourcing the right activities and b) you are outsourcing to the best supply partner(s)?
Third Party Risk Management should start at the decision point of what and when to outsource. At Emeryst we help our clients navigate and consider the associated risks of third party outsourcing before you engage with the market and throughout the contract lifecycle and beyond.
We work with our clients to define the dynamics which influence Third Party Risk Management.
For Example:
· characteristics of third parties
· criticality of third parties to client organisations
· integration of third parties within the business
· limitations on usage arising from cross border regulatory requirements
· the level and cycle of service level agreements
Call us to discuss Strategies for Third Party Risk Management so that we can help you tap into this invaluable resource and reach your Strategic Goals and avoid the bear traps.
Sid & Team
+44(0) 7702 588780
We are a Global Procurement, Supply Chain and Business Consultancy specialising in Supplier Vetting and Management, Business Analytics, Business Interpretation and Translations, Contracts Management,…
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