Outside Risks

Looking at the topic of third-party governance and risk management, Deloitte has issued a report on growth, development, and issues within the field. Based on the results of a survey, the report focuses on five key area, offering various findings:

  • Dependency and Vulnerability:  Organizations remain highly dependent on third-parties, but lack adaptive and coordination management of risks.
  • Relationship Management:  Although focus on developing tools to predict third party risks are increasing, the underlying data for identifying these risks is still lacking.
  • Governance and Risk Management Processes:  Even with increasing usage, confidence in third party governance and risk management processes and technology remains low.
  • Technology Platforms:  Platforms lack central coordination and coverage.
  • Emerging Delivery Models: Centers of Excellence are assisting in obtaining key skills and consistency.

Source:

https://www2.deloitte.com/uk/en/pages/risk/articles/third-party-risk.html

https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/risk/deloitte-uk-third-party-gov-risk-management-2017.pdf