Your third-party network is expanding and it is clear that these relationships are essential to your business. But, responsibility for the actions of these affiliates falls on no one but you. So how can you minimize your exposure to financial, legal, regulatory, operational, reputational and governmental risk?
Managing third-party risk has taken on the need for longevity. Aside from addressing risk management needs and regulatory requirements, institutions should develop a risk-based program which also incorporates a complementary suite of preventative and detective controls across the three lines of defense.