Third Party Risk Management Strategy
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 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. TPRM strategy
Yes, today’s 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 having to deal 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’t 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:
- You can lose large sums of money, in a concise period, in case your collaborator disrespects terms;
- Along with the money, you will also start losing customers, disappointed by delays, poor quality, and unreliability, making your reputation suffer as well;
- 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;
- Data can leak from your network because the security that is intended to prevent these things from happening is poor and not managed correctly;
- And there are always the litigation risks, corruption, and malpractices that come up in poor business practices.
Now, as a business manager, are you ready to tackle these mentioned risks?
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 where the weak spots are 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, and the best solution will also be easy to find.
CRI Group noticed the need to develop an effective risk management strategy, observing how the market is changing from one year to another. Having extensive years of activity in the business environment, CRI 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 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.
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.
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, which is perfectly understandable. But such a relationship is also the most difficult to handle, especially when things go wrong. Still, it doesn’t 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’t spend more money than needed to cover losses.
With the help of CRI Group’s 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.
Concerning risks, you probably would like to know what the cost-benefit aspects connected to a particular third-party collaboration are. Well, CRI Group has everything included in its third-party risk assessment. Based on the evaluation results, we will also be able to 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. 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.
A TPRM customised solution that best suits your needs
With the third party risk management offered by CRI Group, you will benefit from external protection. 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. The offer you will receive on the paper from a potential partner can differ very much in reality.
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 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.
It is not worth gambling the assets of your company when effective TPRM is available. CRI 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 were 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.
Enjoy great prices and products offered by providers from anywhere globally because CRI Group’s TPRM 3PRM-Certified™ safeguards 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, 3PRM™ is a solution, and a proactive risk-based approach to mitigating the risks involved with third-party affiliations protects the organisation from liability. Business Interruption and Brand Damage.
Your partnership will be efficient from a cost point of view, and that 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’t even have to know or bother with what a risk assessment means because the CRI Group professionals will do that for you.
All you will need to know are 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.
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. Contact us today to get started on implementing a robust program that will serve you well for years to come.
Risk Management goes beyond TPRM.
CRI 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™ program is therefore key for managing an organisation’s third party risk levels. However, this is only one of the several vital steps towards a robust risk management strategy implementation.
Risk management is the identification, evaluation, and prioritisation of risks (defined in ISO 31000 as the effect of uncertainty on objectives) 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.
Getting Started with ISO 31000 Risk Management?
About CRI Group
Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider.
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 Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 19600:2014 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification.
ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.