10 key insights to boost your third-party risk initiatives
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In today's organisational landscape, no single organisation stands alone. Organisations often depend on other entities, also known as third parties. This can range from obtaining components from a supplier to using software from a technology company. However, these dependencies introduce risks.
Problems with a third party can lead to a chain reaction. If components are delivered late, or the software fails, primary processes in organisations can grind to a halt. Consequently, an increasing number of organisations are seeking to gain control over these risks. Moreover, European regulations require organisations to detect and counteract misconduct and environmental violations in their supply chain. But how do you do this?
Trust Alliance Compliance Solutions BV and 3rdRisk have joined forces and released a whitepaper with ten key insights on managing supply chain risks. The whitepaper provides insight into the challenges, opportunities, and strategies around third-party risk management, focusing on the role of the compliance professional.
In many organisations, it is indeed compliance professionals who are first confronted with the demands of supply chain risk management due to new legislation and regulations. This includes the Corporate Sustainability Reporting Directive (CSRD), Network and Information Security Directive (NIS-2), Digital Operational Resilience Act (DORA), and various national initiatives, such as the German Supply Chain Act.
The aim of the whitepaper is to provide compliance professionals with tools for developing policies and structuring third-party risk management. To this end, it explains in an accessible manner what third-party risk management is and how to implement it. Then, through ten key insights, it clarifies why vendor risk management is important and what it can yield.
The whitepaper was presented during the event 'Grip op ketenrisico's: Een nieuwe rol voor compliance professionals?' which took place on 5 March 2024 at the Spoorwegmuseum in Utrecht. Over 30 compliance professionals gathered there to discuss and share experiences on third-party due diligence and risk management.
Download whitepaper
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