{"id":8812,"date":"2020-09-28T09:00:53","date_gmt":"2020-09-28T09:00:53","guid":{"rendered":"https:\/\/crigroup.com\/?p=8812"},"modified":"2022-01-07T15:55:57","modified_gmt":"2022-01-07T15:55:57","slug":"third-party-risk-globally","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/third-party-risk-globally\/","title":{"rendered":"Third-party risk: how to survive in a brave new world?"},"content":{"rendered":"

Third party risk management, how to survive in a brave new world?<\/span><\/strong><\/h3>\n

Third party risk management. <\/span>The Current Business Climate Requires a Review and Reassessment of Your Organisation’s Third-Party Relationships. We won’t soon forget the year 2020 and the myriad ways worldwide business was derailed over a microscopic virus that caused a global pandemic. From layoffs and shutdowns to shortages and closures, the long-term effects of the pandemic have yet to be determined. But one thing is certain: The disruption to the global supply chain has wreaked havoc in virtually every business sector. third party risk management<\/span><\/span><\/p>\n

Automobile manufacturing in Korea has been suspended due to a lack of parts from China. The fashion industry in the United States is struggling over sourcing as garment producers in Asia reduce output. U.K. aerospace manufacturer Rolls-Royce has announced it is cutting 9,000 jobs as a result of the coronavirus. And sharp declines in consumer demand have adversely affected global manufacturers who, in turn, are idling production to curb losses.<\/span><\/p>\n

Find out how anti-bribery and anti-corruption management plays an important part in your third-party risk management strategy. This free ebook analyses the performance of Rolls-Royce in terms of ABAC policies within the scope of the ISO 37001 provisions.<\/span><\/strong><\/p>\n

DOWNLOAD EBOOK NOW<\/a><\/span><\/strong><\/p>\n

Global sourcing has been greatly impacted as suppliers have ceased operations, and multinational organisations have had to scramble to locate replacement supply sources. This gloomy picture has been made all the more daunting as opportunists, bad actors and other sanctioned, restricted, or unreputable parties have set up operations to take advantage of unsuspecting and desperate businesses by producing inferior goods, missing contractual deadlines, or operating in ways that could raise flags in the areas of ethical conduct, business integrity or jurisdictional compliance. As such, multinational companies need to be on high alert for such nefarious outside operations, lest they put their reputations, stakeholders, directors and bottom lines at risk.<\/span><\/p>\n

Now is the time to identify alternative supply scenarios and re-evaluate contractual terms and performance metrics with those parties in the sourcing network. And to accomplish this, a risk-based approach to diligence, screening and vetting present and potential third-party suppliers<\/a> is more important now than ever before.<\/span><\/p>\n

Get your guide for risk prevention, detection and compliance. Download our Risk Management and Anti-Bribery Anti-Corruption Playbook<\/strong><\/span><\/p>\n

DOWNLOAD PLAYBOOK NOW<\/a><\/strong><\/span><\/p>\n

<\/h3>\n

What is t<\/strong><\/span>hird party risk management<\/span><\/strong>?<\/strong><\/span><\/h3>\n

Threats are increasing on several levels for organisations that rely on outside third parties, such as agents, brokers, vendors and suppliers.\u00a0 While depleted inventories, idle production, inferior products and delayed delivery have greatly impacted the marketplace worldwide, multinational businesses are feeling the brunt of these pandemic-induced supply chain disruptions on a greater scale:<\/span><\/p>\n