Third Party Risk Management in Supply Chain Security

We invite you to read this Q&A article published by Risk and Compliance. In this Q&A, BDO’s Corey Dunbar and James MacDonnell provide an overview of the key risks facing today’s supply chains and share the extent companies are exposed to vulnerabilities from their third-party relationships. 

The Q&A interview also highlights –

• The specific types of third-party risks common throughout global supply chains.
• How adept companies are at vetting their third parties and carrying out ongoing due diligence to monitor risk. 
• How companies should go about implementing a third-party risk management (TPRM) program to highlight and reduce their exposures and the essential areas to address.
• Common challenges companies can expect to face when implementing and maintaining a TPRM system for their supply chain and how to overcome these challenges.
• Technologies that can assist with TPRM and innovative solutions being deployed and applied.
• The outlook for third-party relationships across supply chains and if associated risks will intensify going forward.

The article originally appeared in the April-June 2024 issue of Risk and Compliance

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