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Third Party Risk Management

The challenge of third party risk management

Managing the risks posed by the large network of third-parties associated with a company is becoming increasingly complex.

Third party risk management global survey
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Managing the risks posed by the large network of third-parties associated with a company is becoming increasingly complex. How could the lack of appropriate controls within your third- party network impact your business? How does the financial health or cyber hygiene of your third parties effect your decisions on maintaining those relationships?

To be recognized as a responsible business it's essential to have strong governance and oversight on your extended enterprise. This includes visibility and influence over supply chain continuity, regulatory, cyber, data privacy and other material third party risks.

Deloitte's Third Party Risk Management (TPRM) managed service solution can help your firm identify, assess and manage risks posed by the interconnected network of third party relationships. The solution enables greater control of risk and opportunities, and improves visibility and performance over your third-parties in risk areas such as resiliency, sustainability, ESG (environment, social & governance), financial crime and more.

Client Case Studies

We advised our client on best practices for operating procedures and processes to increase their visibility of supply chain risks

We helped our client to reduce costs by streamlining processes and remediating control weaknesses in their own and suppliers’ processes

Our client was able to increase transparency and visibility in their business with our support in improving due diligence processes and enhancing their TPRM methodology

With our expertise, a global bank was able to streamline their third-party risk tiering model by redesigning the TPRM program in alignment with the OCC bulletin 2013-29

Streamline your third party risk management with our managed service

How well do you know your third parties? And what about their ownership structure?

Through advanced analytics, artificial intelligence and experienced researchers, we examine data from a range of online and proprietary data sources so that you know the risk associated with companies, key individuals and ultimate beneficial owners that your firm is working with.

Tired of chasing up on unanswered emails for risk assessments?

We’ll manage the collection of data from each third party, everything from control policies and processes to sustainability or diversity and inclusion practices. We empower you with a customizable scoring framework to support you in responding changes and meeting your regulatory commitments.

Do you need further assurance that your third-parties are managing risk to your expectations?

Our experienced risk professionals conduct thorough remote and on-site inspections to build upon responses to third party questionnaires and give you the transparency you need to make the best decisions for your business.

Having trouble keeping abreast of emerging issues and changing risk profiles?

Our risk practitioners perform ongoing analysis using data analytics and Artificial Intelligence to identify emerging or new issues regarding the third party portfolio.

Are you finding it difficult to record and manage the rectification tasks that result from risk assessments and inspections?

We track remediation activities to completion, managing the end-to-end process and escalating items as required.

Our proven track record in third party risk management

Over the past 12+ years we have conducted more than 175,000 third party risk assessments across various risk areas and industries in 60 countries, so you can trust the quality of our service

We operate in over 60 countries with access to over 21,000 qualified risk professionals, so that your expedited business circumstances and local language nuances are accommodated.

Our time-tested managed services model includes processes and accelerators for intake, management, reporting and remediation tracking, in order to automate traditionally manual processes and increase efficiency.

We have ability to efficiently ramp up and ramp down the third party risk assessment team, so that you don’t need to incur additional costs for hiring, onboarding and training of resources.

We have screened over 6,000 unique entities using our intelligently automated solution, enabling efficient and cost effective monitoring across hundreds of thousands of data sources

Leverage our network of experienced professionals to increase the efficiency of your third party risk management solution. Our experience in executing over 3,000 Third Party Questionnaires enables us to work intelligently and effectively.

Our Solution

If you require a technology-enabled solution then we can provide our end-to-end technology platform to serve as an interface for our manage services, so that you receive streamlined end-to-end support.

Our proprietary platform combines mobile data-collection, performance improvement tools and mobile-optimized dashboards to deliver insights for effective risk management. Alternatively, we can also explore options to provide our services to you leveraging technology platforms that you already own.

Recommendations

Third-Party Management

Approaches to managing third parties have generally failed to keep pace with rapidly expanding third-party networks and their role in organizational success.
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Technology and Digital Risk

Deloitte’s Technology & Digital Risk services helps clients take advantage of the benefits of innovative new digital technology, enabling enhanced operational efficiencies, regulatory compliance, improved leadership insights, and growth and innovation.
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Global Leaders

Kristian Park

Global Third Party Risk Management Leader
+44 (0)20 7303 4110

Adam Thomas

Principal | Deloitte Risk & Financial Advisory
+1 602 234 5172