ISG GovernX® - Third-Party Risk
Why third-party risk management is important
With fragmented sourcing, rapid growth in as-a-service solutions and increased reliance on a growing number of suppliers, organizations need to be confident in the security and resiliency in the services being delivered. When using so many outside parties, organizations must be fully equipped to manage the risks these relationships pose.
How do you manage third-party risk?
- Implement a risk compliance management framework, identifying risks during supplier selection and contracting, and managing risk throughout delivery.
- Stratify your suppliers into tiers to align the necessary controls commensurate to their impact.
- Institute contract clauses and obligations to assure compliance to regulatory and delivery requirements.
- Extract and track key meta data from your third-party supplier contracts to ensure your contracts drive compliance.
- Regularly assess ongoing delivery compliance of high-risk third- and fourth-party suppliers.
- Monitor financial viability, delivery capability, regulatory compliance and partner ecosystem changes across your third-party providers.
- Monitor your delivery locations for macroeconomic, geo-political, infrastructure and people-related changes.
The complexity and the regulatory scrutiny of third-party relationships are increasing, and enterprises need a comprehensive and data-driven way to control that risk throughout the life of the relationship.
Stratify business risk, identify and assure commensurate controls to the risk, and provide visibility to the potential risks on the horizon. ISG GovernX® allows you to assess supplier delivery against regulations and monitor customer-specific requirements. Create a safe, coordinated and efficient sourcing environment so you can focus on your strategic goals.