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How to insulate your company from third-party risk

Joe Mont | January 7, 2019

As if compliance officers don’t have enough on their plates, their responsibilities frequently extend beyond the bubble of their own companies and into the ever-expanding, increasingly risky world of third parties, vendors, service providers, and supply chain partners.

As the business world diversifies and goes global, companies more and more are turning to specialized firms to fulfill complicated niche services and meet product needs. Examples include cloud services, emerging technologies, payment services, licensees, and providers of commodities, parts, and finished products.

Although vital, the extended enterprise is nonetheless ripe with escalating risk. A recent Deloitte report detailed some of the reasons why: “During the recession, we saw many organizations push more of their business out to third parties in an effort to reduce internal costs across the extended enterprise. Higher volume, of course, can mean higher risk...

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