Global companies rely heavily on their third parties to help save on costs, bring their products to market faster and more efficiently, and gain a competitive advantage in the marketplace. Third parties can also, however, bring significant risks to the business—threats that can damage the reputation, resilience, and value of the organization. This makes good third-party risk management critical to business. Increasingly, regulators expect senior management and board accountability for managing the risks associated with third parties—and while organizations can outsource a task, the responsibility for risk management remains squarely with them. This makes it vital for the appropriate tone from the top and good governance and oversight of third parties.
This survey seeks to provide insight into the level of oversight boards are bringing to today’s programs, best practices, and areas for improvement. The results will provide important insight for how risk, compliance, audit, and procurement stakeholders should look to engage with their board, together with valuable insights for board members themselves to consider in the oversight of their programs. (30 Questions.)