Third-Party Risk Management Brochure
July 31, 2023DownloadsDownload Brochure
FTI Consulting provides Third-Party Risk Management (TPRM) advisory services across a wide range of industries and geographies. Our experts help our clients identify risks, remediate operating models and governance processes, manage regulatory examinations, and refine TPRM programs to better align with business strategy.
TPRM, historically a function focused on process and documentation compliance, is receiving fresh scrutiny in many risk organizations. A range of macro factors have amplified third-party risk, including growing cyber threats, supply chain disruptions, geopolitical instability, high inflation, and rising interest rates. Technology incidents impacting a wide range of customers continue to occur that disrupt business and cause reputational damage.
At the same time, firms have struggled to implement a fit-for-purpose TPRM operating model. Finding the balance between protecting the firm while maintaining common sense controls to bring the right degree of scrutiny and diligence to each vendor situation is often more complex and onerous to implement than is expected. Further, reporting rarely illuminates the full state of play to the Board and senior management.
FTI Consulting professionals have assisted clients in a wide range of industries with improving their TPRM operating model across processes including due diligence and onboarding, ongoing monitoring, contract negotiation, reporting, and termination. We help our clients stand up new programs and resolve issues, both self-identified and from examiner feedback. Our experts take the time to learn the necessary background about our clients’ businesses, their broader risk management capabilities, and the range of their third-party exposures before integrating or refining a third-party risk program.