A Third-Party Management Best Practices Checklist

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Know Your Third Parties

Third parties can deliver up to 60 percent of a company's total revenue, and also account for the majority of what it spends. Unfortunately, while it's easy to outsource work to third parties, it's not so easy to know who you're actually doing business with. Companies often default to only on-boarding and managing a limited number of "high-risk" third parties. Start with outlining all of your third parties and keeping the information in one place, tracking exactly what they do.

Regardless of what business you're in, chances are you're working with more third-party organizations today than ever before. Whether it's human resources, IT, marketing or everyday vendors, businesses are increasingly looking to third-party suppliers to help reduce costs and grow the business. While these third parties can provide great opportunities for a company, they can also pose great risks – some catastrophic to your brand and revenues – if not properly managed. For instance, who would have guessed that a regular HVAC vendor could be at the center of a multimillion dollar data breach? Or a consultant disguised as a domestic-supplier could lead to one of the largest FCPA enforcement actions in history?

In this slideshow, Greg Dickinson, CEO of third-party management expert Hiperos, provides a checklist that companies must keep in mind to ensure due diligence when working with third parties.


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