Location Risk Monitoring

Third Party Oversight: The Three Components of an Effective Program

Avatar Written by Laurence Blanchette

The rise in the use of global sourcing and global business services has been dramatic, exponentially increasing the potential benefits both for the businesses using those services and for the nations seeking to provide services. But these potential benefits come hand in hand with increasing exposure to risk for participating businesses and a wildly escalating array of risk factors that must constantly be monitored.

Increasing regulatory pressures and compliance requirements are making Third Party Oversight and Supplier Risk Management a growing priority for many organizations.

But rather than thinking of an oversight program as a necessary evil, consider the opportunities that will open up to your business once you’ve addressed supplier risk.

In this video we share practical insights on building an effective third party oversight program using three components: 1) defining the risks, 2) monitoring those risks, and 3) developing an action plan.

Watch the video below: