Third party risk management & assurance

Companies increasingly rely on external providers to improve operational efficiency, reduce costs, and enhance performance. However, this outsourcing introduces new risk exposures that require careful and structured management.

At Forvis Mazars, we help you assess and control risks associated with third-party relationships, allowing you to focus on achieving your strategic objectives.

Our approach

Managing third-party risk is crucial, especially when critical functions or infrastructure, such as cloud computing, are outsourced. Failure of a vendor can jeopardize the continuity of your entire operation.

Regulators, particularly in the financial sector, have emphasized that accountability always remains with the company, which must adopt a rigorous, formal approach to:

• Assess risks linked to suppliers and external partners
• Implement appropriate controls to mitigate those risks
• Maintain continuous and structured oversight

We offer a robust third-party risk management framework, backed by an international team of specialists with broad, cross-sector experience. We help you reduce exposures, strengthen controls, and stay focused on your business goals.

The 3 essential phases of third-party risk management

1. Operational risk analysis of third parties: identifying and mapping risk areas in relationships with suppliers and partners.
2. Third-party risk assessment: detailed evaluation and rating of vendors based on specific risk and compliance criteria.
3. Periodic risk audit reporting: ongoing monitoring and reporting to provide assurance on the effectiveness of implemented controls.