Third-Party Risk Management

CRI Group™’s Third Party Risk Assessments are front-line tools used to ascertain whether an organisation has the proper policies and procedures in place to address all potential risks at the management, operations and financial levels, and simulates the likelihood of those risks occurring. 

A 3PRM™ assessment includes a review of internal auditing procedures, compliance guidelines, performance criteria, internal controls, reporting processes and contractual requirements that are vital to foster a long-term positive outcome with the third-party provider when looking at the relationship from a cost-benefit standpoint.

Specific areas addressed in our 3PRM™ assessment include:

• Audit and supervision functions that assign clearly defined responsibilities within the organisation
• Business continuity plans that take into account natural disasters and third-party business closures
• Supply-chain alternatives that react and respond to every possible scenario, from regional events to currency fluctuations
• Jurisdictional considerations and affiliations with potential partners located in regions that may be prohibited by law
• Data and intellectual property protection, which includes customer privacy and information security considerations
• Anti-corruption and whistle-blower policies begin with staff education and extend to safe internal and external reporting mechanisms which are easily accessible to management and staff.