Third Party Risks and their Impact to the Overall Risk Posture, how to Improve it?

Abstract

This article is aimed at giving insight onto the various trends resulting into third party risks, categories of the risk that follows, and its overall impact to the Risk posture. It also aims at providing context on the various risks and describes a method or process that can be leveraged to mitigate those aforementioned risks. Third parties are the need of the hour in this competitive world of business, where some firms are struggling to break even. In such scenarios,employing third party resources save a lot of time, effort and capital in achieving objectives aimed at the business vision, gives you that competitive edge not just to survive but thrive. Third party risks have been existent since inception of this concept, firms should not fear employing third parties for the very ame reason, there are mere hiccups, instead they should look at solving those problems with some of the approaches listed in this article