Fourth Party Risk Management White Paper
Examining Supply Chain Risk and Emerging Best Practices
Fourth party risk management as a strategic program component
While the landscape is adapting to fourth party concerns, issues still exist around reporting and accessibility of information at the fourth party level.
Responses to the very real threat that down chain parties can pose through access to crown jewels, such as intellectual property (IP) and personally protected identifiable information (PII), are beginning to show in the fourth party management arena. Twice as many outsourcing organizations (75%) now rely on controls of their third party to monitor fourth parties than two years ago; and 73% report they use contractual terms to achieve this process. Such efforts mandate all stakeholders within the supply chain become effective in establishing a rigorous third party environment with well defined:
- Roles and responsibilities.
- Reporting accountability.
- Well-documented processes and procedures.
Organizations seeking to adopt best practice strategies and methodologies for a start-up program, or, to bolster an existing risk management program, will find it useful to examine what solutions have been successful in peer organizations.
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