{"id":1560,"date":"2020-07-06T17:57:58","date_gmt":"2020-07-06T17:57:58","guid":{"rendered":"https:\/\/crigroup.com\/?post_type=blog&#038;p=1560"},"modified":"2022-01-26T12:02:24","modified_gmt":"2022-01-26T12:02:24","slug":"is-your-third-party-risk-management-strategy-efficient","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/is-your-third-party-risk-management-strategy-efficient\/","title":{"rendered":"Is your Third-Party Risk Management (TPRM) strategy efficient?"},"content":{"rendered":"<h3><strong><span data-preserver-spaces=\"true\">Third-Party Risk Management Strategy<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">A business owner knows that one cannot produce a complete set of products and services to offer to their customers. Still, the need exists for having as many complementary products, or services, besides the main thing your company provides, to keep a client satisfied. Today, people will look for that particular company that can provide them with as many services and products they need in one place and the one with the best price for all of these. Thus, to make that happen, a business manager must find business partners to collaborate with for enriching the offer and attracting more customers. But there is a serious risk of doing so. If your business partners use unreliable materials, they do not respect terms or are dishonest when doing business. Then it may cost your company a great deal of money and customers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Yes, today\u2019s business environment is tough, and you should always be on the lookout to avoid situations that might be detrimental to your company and reputation. The consequences of dealing with the wrong business partner can even be devastating in some cases. If you never had to deal with such partners until now, then you are in luck. But never go on the premise that this can\u2019t happen to you. There are many out there looking to make money, but without offering or guaranteeing quality services and products. Here is what can happen if you are the victim of a failed partnership:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">You can lose large sums of money, in a concise period, in case your collaborator disrespects terms;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Along with the money, you will also start losing customers, disappointed by delays, poor quality, and unreliability, making your reputation suffer as well;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The entire supply chain will face severe unbalances if one of the third-party providers fails to respect his duty. And getting it back on track can consume a lot of time and resources because, in the absence of an emergency plan, things will not be solved rapidly;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Data can leak from your network because the security that is intended to prevent these things from happening is poor and not managed correctly;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">And there are always the litigation risks, corruption, and malpractices that come up in poor business practices.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Now, as a business manager, are you ready to tackle these mentioned risks?\u00a0<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Can you imagine the sums of money that these risks will cost your company? And just like a game of domino, if any of the previous threats take place, other adjacent consequences, which will be impossible to manage or stop, like a drop in sales and profit, customer boycott, and others, will also occur. You should never disregard these risks and live by chance. An effective risk management program will determine the weak spots and prepare you upfront for managing an unwanted situation. You will know when and where intervention might be needed and, based on a risk assessment, the best solution will also be easy to find.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CRI\u00ae Group noticed the need to develop an effective risk management strategy, observing how the market changes from one year to another. Having extensive years of activity in the business environment, CRI\u00ae Group noticed many cases in which companies had to suffer a great deal because of making deals with unsuitable partners. Thus, from the desire to offer a method to keep your business safe, together with your employees, and maintain the number of your customers, won by hard work and dedication, CRI\u00ae Group managed to come up with a comprehensive risk management method. It covers the most sensitive aspects that may take place when collaborating with third parties.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Everything from the basics of service and delivery to financial processing and other crucial aspects when managing a business will be under close observation. The goal is to identify risks with an increased potential for causing damages to be controlled, and prevention methods have taken before they even occur. Thus, your business will always stay on the safe side and risks minimised to a level from where they cannot harm.<\/span><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/risk-management-and-due-diligence\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">Read more on \u201cHow Risk Management and Due Diligence Interlock?\u201d<\/span><\/strong><\/a><\/p>\n<p><span data-preserver-spaces=\"true\">Probably the highest risks may appear in the case where you decide to work with a partner outside your country. The offer may be the best available and suit your needs, perfectly understandable. But such a relationship is also the most difficult to handle, especially when things go wrong. Still, it doesn\u2019t mean you should not collaborate with anyone you like if the conditions of the collaborations suit your requirements. In these situations, a risk assessment is more than necessary to ensure that you won\u2019t spend more money than needed to cover losses.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With the help of CRI\u00ae Group\u2019s team of skilled public record researchers, analysts, forensic services specialists and Certified Fraud Examiners, you will know, before signing any agreement, if your future partners are the right ones to do business with. The examiners have access to information covering five continents, going wherever it takes to make a detailed investigation. You will have all the data you need to know about the partners you intend to collaborate with and the risks involved in such a partnership. So, you will be able to make the best-informed decisions for your company.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Concerning risks, you probably would like to know what the cost-benefit aspects connected to a particular third-party collaboration are. Well, CRI\u00ae Group has everything included in its third-party risk assessment. Everything will be placed on the spot and verified to function as needed so that when a risk intends to occur, it can be seen and solved in an efficient and timely manner. Based on the evaluation results, we will also advise you what staff members are suitable to keep an eye on a certain aspect and will ensure a close-range control for mitigating key risks. Also, if any gaps are detected in the system, which may endanger the efficiency of managing risk, these shortcomings will be addressed during the assessment period, not allowing it to go any further.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">A TPRM customised solution that best suits your needs<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">With the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">third party risk management<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0offered by CRI\u00ae Group, you will benefit from external protection. The offer you will receive on the paper from a potential partner can differ very much in reality. With the ability to access international databases, courts, public records, and even contact local advisors, each foreign partner will be checked accordingly. To prevent any unwanted event from happening, it is best to do this assessment right from the start, so you will know with whom you are dealing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Instead of spending your money useless by purchasing products without knowing for sure if they will respect the promised quality details and losing more money to cover the disaster in case you receive something else than you expected, it is wiser to invest just a little in a risk assessment. CRI\u00ae Group holds all the knowledge and experience needed to keep you safe from situations like this, keeping your money and reputation safe and helping you close reliable partnerships.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is not worth gambling your company&#8217;s assets when effective TPRM is available. CRI\u00ae Group helped more than 3,800 corporate clients across the globe to keep their businesses and reputations safe and sound. It is time to join the group of companies that enjoy the protection and can unroll successful business activities because they are always aware and prepared to tackle any potential risks. You worked so hard and sacrificed so much time to get here; it is just not worth ignoring the reality, where risks lurk at each move and decision you make.\u00a0<\/span><\/p>\n<h3><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/brochures\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">VIEW 3PRMTM BROCHURE<\/span><\/strong><\/a><\/h3>\n<p><span data-preserver-spaces=\"true\">Business Interruption and Brand Damage. Enjoy great prices and products offered by providers from anywhere globally because CRI\u00ae Group\u2019s\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/brochures\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">TPRM 3PRM-Certified\u2122<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0safeguards businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. You will be sure that whoever wishes to become your affiliate is a reliable and honest person,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">3PRM<\/span><strong><span data-preserver-spaces=\"true\"><span style=\"display:none\"><\/span><\/span><\/strong><\/a><span data-preserver-spaces=\"true\">\u00a0is a solution, and a proactive risk-based approach to mitigating the risks involved with third-party affiliations protects the organisation from liability.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Your partnership will be efficient from a cost point of view, and a backup plan is made, just in case you need to take action when something does not work according to plan. Everything is taken care of, to the smallest detail. As a manager, you don\u2019t even have to know or bother with what a risk assessment means because the CRI\u00ae Group professionals will do that for you.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You will need to know the final risks and how the situation presents itself. You will be briefed, and all aspects will be brought to your knowledge, together with pieces of advice on how you can manage a situation to diminish any potential losses for your company. Doing business has never been safer.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">We have more than 30 years of experience in the field, so it has everything it takes to advise you in the best way possible. See your business thrive because all the partnerships you will conclude will be fruitful from now on. Staying one step ahead of any risk to your organisation is part of being an effective business leader.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Contact us today<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to get started on implementing a robust program that will serve you well for years to come.<\/span><\/p>\n<h3><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/get-a-quote\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">GET A FREE QUOTE NOW<\/span><\/strong><\/a><\/h3>\n<h3><span data-preserver-spaces=\"true\">\u00a0<\/span><\/h3>\n<h3><strong><span data-preserver-spaces=\"true\">Risk Management goes beyond TPRM.<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">CRI\u00ae Group provides the knowledge required to navigate unfamiliar markets and mitigate third-party risk by assessing the backgrounds, integrity, and character of those you do business with. Our 3PRM-Certified\u2122 program is key for managing an organisation\u2019s third party risk levels. However, this is only one of the several vital steps towards a robust risk management strategy implementation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Risk management is the identification, evaluation, and prioritisation of risks (defined in ISO 31000 as\u00a0<\/span><em><span data-preserver-spaces=\"true\">the effect of uncertainty on objectives<\/span><\/em><span data-preserver-spaces=\"true\">) followed by coordinated and economical application of resources to minimise, monitor, and control the probability or impact of unfortunate events to maximise the realisation of opportunities. Risks can come from various sources, including your employees.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Getting Started with ISO 31000 Risk Management?<\/span><\/strong><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/case-study\/iso31000-playbook\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">DOWNLOAD ISO 31000 PLAYBOOK NOW<\/span><\/strong><\/a><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">About CRI\u00ae Group<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Based in London, CRI\u00ae Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Risk Management<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/employee-background-checks\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Employee Background Screening<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/business-intelligence\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-9\">\u0630\u0643\u0627\u0621 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/div><\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/due-diligence\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-2\">\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 <span class=\"rtl-1\">360\u00b0<\/span><\/div><\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/compliance-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-1\">\u062d\u0644\u0648\u0644 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644<\/div><\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and other professional\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/investigative-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Investigative Research<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0solutions provider.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI\u00ae Group also holds\u00a0<\/span><strong><span data-preserver-spaces=\"true\">BS 102000:2013<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><strong><span data-preserver-spaces=\"true\">BS 7858:2012 Certifications<\/span><\/strong><span data-preserver-spaces=\"true\">, is an HRO certified provider and partner with Oracle.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2016, CRI\u00ae Group launched the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Anti-Bribery Anti-Corruption (ABAC\u00ae) Center of Excellence<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0\u2013 an independent certification body established for\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 37001:2016 Anti-Bribery Management Systems<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37301-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 37301 Compliance Management Systems<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-31000-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 31000:2018 Risk Management<\/span><\/a><span data-preserver-spaces=\"true\">, providing\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-training\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">training<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">certification<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">ABAC\u00ae operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI\u00ae Group\u2019s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world\u2019s largest organisations.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/contact\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Contact ABAC\u00ae for more<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on ISO Certification and training.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Third-Party Risk Management Strategy A business owner knows that one cannot produce a complete set of products and services to offer to their customers. Still, the need exists for having as many complementary products, or services, besides the main thing your company provides, to keep a client satisfied. Today, people will look for that particular [&hellip;]<\/p>","protected":false},"author":1,"featured_media":9289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146,10],"tags":[],"class_list":["post-1560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-resources","category-third-party-risk-management"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"Is your third party risk management strategy efficient? 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