In the race to stay competitive, organizations are relying on more vendors and suppliers than ever, and exploring a range of sourcing strategies. The rewards can be compelling, but they often bring increased risk. Identifying, quantifying and mitigating the risks associated with vendor relationships can be an overwhelming task – but it’s critical.
Increased regulatory scrutiny, continuing cost pressures, active investors and a vigilant public all mean that businesses today must clearly understand and proactively address all their risks – including those associated with service providers, suppliers and delivery partners. The end results aren’t just reduced vulnerability, but a nimbler, more responsive and more profitable operation.
Third-Party Risk Solutions from Infinitive
Infinitive Insight provides solutions, technology and expertise that help companies reduce their third-party risk and make the most of their risk management investments. Whether it’s supporting discrete assignments, augmenting staff or performing a holistic assessments of existing programs, our experienced team of professionals can assist you in understanding and managing third-party risks.
Our approach is coordinated, holistic and best practices-based. We focus on key steps in the vendor relationship management lifecycle. Our approach is designed to:
- Establish ownership and buy-in through cross-functional ownership and senior-level sponsorship
- Evaluate and prioritize risks individually and across the business portfolio
- Audit, monitor and assess via incident tracking and performance monitoring
Our specific solutions include:
Third-party management program assessments: We baseline existing programs against leading practices to assess if your organization’s combination of vendor due diligence, supply chain management, distribution channel programs and relationship management provides appropriate protections. We deliver a strategic road map outlining how to optimize third-party risk management.
Third-party risk assessments: We aggregate all third-party relationships and prioritize these by risk levels, using technology and proven methods to obtain true visibility into the full risk landscape of your third parties. This helps organize what may seem like an unmanageable portfolio into a prioritized list, based on the likelihood and impact of harm to your organization.
Independent audit and compliance reviews: We can audit or perform compliance reviews for individual third-party relationships, using both virtual and on-site assessments to provide visibility into the operations and control structures of key vendors, suppliers and partners. This includes a suite of services to audit unique agreements and relationships for which your team may need to supplement its expertise, including cloud services vendors, international suppliers and distribution channels, franchisees and licensees, and offshore customer service arrangements, as well as other compliance reviews.