Risks with third parties poses increasing risks for many companies. In this article, featured in Risk & Compliance Magazine, KPMG leaders discuss third party risk management (TPRM) with a focus on evolving vendor, operational and strategic risks.
Through a question and answer session, KPMG professionals provide their point of view on the following topics:
- An overview on vendor, operational and strategic risk and how it has evolved
- The role of new business relationships in TPRM
- The types of third parties that pose the greatest risks
- How companies can create a robust TPRM program
- The specific challenges and risk companies face when doing business with third parties
- The steps necessary to terminate a third-party relationship in a way that reduces disruption and risk
- The role of TPRM as companies seek business opportunities abroad.