A third party assurance report provides assurance over the design and/or operating effectiveness of a service organisation’s internal controls to achieve common business objectives of interest to customers/users of the services.
This is increasingly important as organisations are now more dependent on third parties to fulfil part or all of their critical business processes right across their value chain, including those that directly impact users of the services.
Organisations are now more dependent on third parties across their value chain.
Third party incidents and customer service disruptions are increasing, often with immediate public visibility, and greater severity of customer, reputational, regulatory, and financial consequences. Regulatory scrutiny is increasing, requiring more direct oversight by Management and the Board on third party matters of risk management and ongoing due diligence.
How we can help:
To build trust and win in the marketplace, service providers are seeking ways to demonstrate strong risk management and provide assurance over their internal control environments relating to the services they provide.
A third party assurance report provides service organisations a ‘ticket to play’ in their ecosystem. It demonstrates to the market they are serious about governance and risk management, and have received independent assurance over the effectiveness of their internal controls.