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Financial risk is one of the TPRM domains most likely to harm your organization directly. Unless you ensure that you have the same level of visibility into your third parties as you would an internal business unit, a financial incident can seriously hurt your organization. Reduced revenue, regulatory fines, supply chain disruptions, and failing vendor finances all put your financial health at risk, increasing the potential for missed goals and organizational failure.
By building out a register of the financial risks facing your organization, calculating the likely cost of each event, and addressing the risks that are the most likely to cost your organization the most money, you can maintain a strong third-party ecosystem while protecting your business.
This white paper will cover:
- The types of financial risk in third-party relationships
- How to build financial risk into vendor questionnaires
- Steps to building a financial risk register
- Strategies for prioritizing and addressing financial risk
Best regards,
The ProcessUnity Team
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