Across the globe, as financial services organizations become more intertwined with their external partners, vendors, and suppliers, the necessity to identify, monitor, and mitigate third-party risks has become paramount. Regulatory bodies in various regions are either introducing or refining their Third Party Risk Management (TPRM) guidelines to ensure that industries safeguard their operations against potential disruptions or vulnerabilities stemming from external collaborations.
Specifically, as the Middle Eastern economies diversify, with sectors like fintech, open banking, and digital services experiencing significant growth, the interdependence on external vendors and partners has become more pronounced. Regulatory bodies across countries, including prominent financial hubs like the UAE and Saudi Arabia, are introducing stringent TPRM guidelines.
How Deloitte can help:
Deloitte has significant experience globally and locally, having supported multiple financial institutions in the end-to-end development of TPRM frameworks, models, and documentation including providing technical and regulatory insights. Outlined below are some key areas where Deloitte can provide support: