Scanmarket

Fundamental Elements of Business Continuity:

Third-Party Risk and Contingency Management 

The requirement for contingency plans for third parties who provide critical business processes or systems has never been more evident. Security and risk management leaders must ensure actionable plans are prepared to address situations where critical third-party services are compromised.

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Third-party risk and contingency management addresses the risks associated with using external parties as part of the delivery of an organization’s product or service. Establishing a robust third-party contingency plan requires a collaborative effort between the risk or BCM team, your legal team, procurement, and the business units directly involved in the business processes that use the third party.

 

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Source: Supply Chain Goes Full Tilt Into Risk Management, Dec 14, 2021, By: Konray Kose & Cian Curtin

 

 

 

 

 

 

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