News & Events
Stay Ahead of the Curve: Navigating and Mitigating New Third-Party Risks with Confidence
Mitigating third-party risk is growing more complex as financial institutions are progressively dependent depending on third parties to enhance operational efficiency, expand teams, and drive innovation. This reliance is significantly amplifying their vulnerability to risks originating from these external partners.
Survey findings from Compliance Week reveal that nearly two-thirds of senior compliance professionals are more focused on the growing challenges associated with third parties than any other prominent risk area. Such as, heightened variability in third-party network maturity, third parties engaging with more fellow third parties and expanded access for third parties to organisational data assets.
Additionally, the insights from 200+ senior decision-makers across over 30 countries, the “2023 Global Compliance Risk Benchmarking Survey” conducted by White & Case LLP and KPMG LLP indicate that 59% of respondents view the use of third parties as the biggest corruption risk companies face.
Financial institutions must comprehend that regulations guide third-party risk management to safeguard customers, employees, and stakeholders. However, managing third-party risks can be very demanding in terms of time and resources, especially for financial institutions with many third-party relationships. This involves due diligence, ongoing monitoring, and regular audits, all of which demand considerable manpower and expertise.
eBOS products and solutions are designed to support organisations in navigating these evolving threats and challenges. WiseBOS GRC seamlessly integrates throughout the organisation to streamline efficient Governance, Risk, and Compliance Management. This solution empowers businesses to construct a dependable and sturdy framework. It facilitates the establishment of a pragmatic enterprise-wide risk management structure while ensuring effective adherence to both internal and external business regulations and guidelines.
WiseBOS GRC covers third-party risk management, offering a centralised approach to oversee vendor portfolios, evaluate related risks, and prevent undesirable disruptions or adverse effects on business operations.