Mitigate and manage
01 September 2014
Companies should implement a framework that mitigates, manages and addresses third party risk
The first step in managing third party risk is the identification and definition of an organisation’s risk areas (see Define and design in the July issue of Governance + Compliance). Only then can management begin to put in place measures to mitigate, manage and address the issues discovered. To do so, the organisation must set out a co-ordinated and comprehensive governance framework; without it there is a risk that the organisation only tackles immediate and very obvious issues. With no...
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