Why is third-party management important?
Third parties account for 80% of compliance risk. The number of third parties interacting with your business can be staggering. Failing to ensure compliance with relevant regulatory requirements exposes companies to financial, legal and reputational risks. So it is vital that organisations and their business partners have access to critical controls that are appropriately defined and implemented.
What if you had a single process to manage all aspects of third-party risk?
PwC leverages cutting-edge technology to help companies screen and manage third parties. The system makes it easier to identify upfront risks from potential partners, conduct due diligence, and monitor third parties throughout the lifecycle of the relationship.
Organisations can’t outsource their risk. That’s why we work with them to ensure appropriate levels of third-party risk management.
Your third-party management challenges
Do you need to improve your third-party management?
Do you carry out or receive payments in US dollars?
Do you operate globally and/or engage with a wide range of third parties?
Are you sure you’re correctly mitigating the risks associated with third parties?
Would you like to set up a technology-enabled third-party management process that allows you to continuously monitor risks?
If you answered yes to any of these questions, it might be time to reassess your third-party management programme!
We needed to operate in confidence and rely on trusted business partners. I won’t hesitate to use PwC services again.
Belgian companies working in a global environment are facing pressure from different angles...
How can PwC help?
A tailored third-party management programme
Although the challenges are growing, many companies try to continue managing third-party risks using the same old approach. This can involve a complicated system of phone calls, spreadsheets, one-off meetings, and cumbersome manual processes, which can quickly become disorganised and chaotic. This is not a sustainable solution for dealing with the complexity and breadth of today’s third-party management.
Achieve clarity and overcome your compliance challenges. Get PwC’s help with selecting and implementing IT tools. Design and develop a robust third-party management programme with us.
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