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Third-party Risk Services
Trust your partners, but verify the details
Each day, companies of all sizes collaborate with a lengthy list of outside business partners who allow a sharper focus on your core activities, reduce cost and get you closer to your customers. While those relationships are often based on an assumed level of trust, consider this: Regardless of whether a contract partner or third-party service provider makes an honest mistake—or willfully engages in fraudulent behavior—they can introduce new risks. Your company is ultimately responsible for ensuring the risks are effectively managed.
For that reason, it’s wise for executives to follow a time-tested maxim: trust, but verify.
At RSM, our team has the tools and experience to verify if potential risk vulnerabilities—or actual threats—exist in your contractual or third-party relationships. Our services include:
- Customizing a disciplined approach to third-party risk management to assess vulnerabilities in your company’s third-party relationships, which can reduce fraud threats, increase response time for third-party data breach inquiries, improve data privacy, enhance regulatory compliance and help avoid potential reputational damage
- Conducing a contract risk and compliance audit that helps your company determine if it is paying more than it should for contracted goods and services, or may be leaving money on the table because of inaccurate reporting from contractors, licensees or vendors
- Developing an approach to effectively manage external relationships and third-party contracts for the duration of those relationships—from planning and due diligence, to contracting and negotiations, to monitoring and delivery
- Delivering a range of services throughout the contract life-cycle, including risk assessments, audit plan developments, contract compliance audits, data integrity and validation, internal control assessments and dispute and litigation support
Clearly, allowing contract and third-party risks to become “out of sight, out of mind” can lead to serious financial, legal, operational and reputational consequences. Don’t let this happen to your business. Trust RSM’s skilled professionals to listen to your specific concerns by designing efficient, effective solutions that will allow you to get maximum value—with minimal risk—from your third-party providers.