Third Party Risk Management

Outsourcing, globalization, and cloud adoption have provided your organization with significant benefits, including economies of scale, efficient workflows, and secure data management. While an ecosystem of third parties and vendors has its strengths, the incremental improvements to business operations have made many organizations dependent on multi-layered global supply chains.  Technology and cyber risks within this ecosystem can go undetected.  That is, until a problem occurs, and you are left to pick up the pieces.
 
In the first quarter of 2023, one in ten Canadian businesses expected maintaining inventory levels to be an obstacle over the next three months. Close to one-third of these businesses planned to partner with new suppliers, while close to three-tenths planned to substitute inputs, products or supplies with alternates, and work with suppliers to improve timeliness. *
 
As a business owner, how can you be sure that you are choosing good technology and business process service providers for your organization?  There are multiple factors involved in this decision-making process. In this upcoming webinar with the Welch Risk Advisory team, you will learn to:

• Identify significant technology service providers and hardware/ software vendors in your organization.
• Understand risks related to technology service providers and hardware/ software vendors.
• Put controls and safeguards in place to manage these risks in a reasonable way while continuing to make use of suppliers, developers, and service providers to run your business.