Booz Allen Hamilton

5 Things About Third Party Risk Management

Business Insights

An overview on the state of third party risk management and what you can do about it.

Companies often find themselves struggling to maintain a vigilant third party risk management program because of the difficulties in obtaining timely and insightful information and the complexity of consistently translating that information into risk decisions aligned with corporate risk appetite. But with a simplified approach—one that includes narrowing focus, enabling lifecycle management, and leveraging technology and analytics—third party risk management can be an integrated function of your business, and not just a cost of compliance.

In this Business Insight, Drew Wilkinson discusses the important issues about third party risk management.

1.      Third party risk management programs are (still) deficient.

2.      Get the complete story – not just their story

3.      Address risk throughout the lifecycle

4.      Avoid third party risk management pitfalls

5.      Use technology to your advantage

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