In this report we provide an overview of current and emerging third-party risks and trends across multiple geographies and industries, in order to provide the global community with perspectives and insights into the current and future landscape of TPA reporting.
Organisations are more dependent than ever on third parties to fulfil critical business processes across their ecosystems. Outsourcing business functions, controls and data handling does not outsource the risk. As such, there is a need for transparency and monitoring over the activities and controls in place across third (and fourth) parties to ensure they are suitably robust and in line with the risk profile and appetite set.
Third-party governance and monitoring is emerging as a key focus area, all the way up to the Board level. Regulatory scrutiny is increasing, requiring more direct oversight and ongoing due diligence by Management and the Board on third-party risk and assurance matters. Additionally, we are seeing third-party incidents and customer service disruptions are on the rise, often with immediate public visibility and greater severity, including; customer, reputational, regulatory and financial consequences.
In this report we provide a summary of insights gained from:
This report shares:
The key areas of insight relating to the future of TPA reporting have been summarised into 5 key themes: