In times of upheaval and uncertainty, people and organizations need a vision, and a clear value orientation that the organization and its employees can use. Know more:
IN times of upheaval and uncertainty, people and organizations need a vision, and a clear value orientation that the organization and its employees can use. They need a clear “sense of belonging” and “sense of direction” so that their actions have meaning and impact.
The good news: most organizations can leverage their prior experience with corporate compliance programs into stronger, more comprehensive third-party risk management programs. Management teams can then turn that better risk management capability into a strategic advantage for years to come.First, businesses today use more third parties than ever before. Even small companies rely on dozens of third parties.
And fourth, regulators around the world are paying more attention to business conduct since governments and the public are more exposed to the consequences of poor conduct. An environmental disaster might ruin the water supply; a cybersecurity failure could leave millions without access to power or bank accounts. A privacy data breach can expose millions.
The first capability is risk assessment, so the organization can identify and understand all the third-party risks it faces. Most likely, you’ll need to assemble an in-house risk committee from across the enterprise, to discuss how the business uses and depends on third parties and what might happen if those relationships falter.
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