Intro to Third-Party Risk Management
Third-Party risks are mainly risks composed of third-parties, some of these third parties include call centers which are generally outsourced and can have potential risks. As an organization, you need to monitor and assess third parties for risks. Some third-party risk management components include governance and oversight, policies, standards, and technology. Third-Party risks are usually a program that an organization can implement in order to monitor and assess the third-party companies and reduce risks that may follow through. It is best for an organization to have a centralized third-party risk program to maximize the effects. There are many steps that are involved in order to have a successful program. Having questionnaires can help define the third party and the risks which is an initial step for a third-party risk program in an organization. Some technology that can be used for the process of third-party risks include GRC tech, Robotic process automation(RPA), Analytical/Digital, and AI/machine learning.