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What is third-party risk management?

Third-party risk management is a form of risk management that focuses on identifying and reducing risks relating to the use of third-party vendors or an organisation's supply chain. It involves a comprehensive analysis of an organisation's security posture and how their vendors, suppliers and contractors can impede their safety.

Third-party risk management effectively manages their relationships by streamlining due diligence and prioritising focus on critical risks, relationship control and ongoing monitoring.

What are the challenges of third-party risk management?

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What are the best third-party risk management practices?

The benefits of third-party risk management assessments

Using third-party risk management software can provide organisations with a number of benefits.

By automating processes such as monitoring, evaluating, and reporting on third-party risks, the software can help organisations reduce the time it takes to identify and mitigate potential risks.

Additionally, using third-party risk management software can improve accuracy and consistency when it comes to assessing potential risks associated with vendors or suppliers.

Lastly, using this type of software can also help organisations ensure that they remain compliant with relevant laws and regulations.

How A&O IT Group can help mitigate your third-party risk

We provide industry-leading third-party risk management software in partnership with Mastercard, RiskRecon to help protect your organisation against third-party risk.

Find out more about RiskRecon


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Third-party risk keeping you up?

Get in touch and let us help you have more visibility of your third-party vendors and suppliers.

+44 01344 948 888

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