Markit: Top factors driving a revolution in third party risk management
Third party risk management is making headlines and for some very good reasons. Why? Structural factors are forcing a complete rethink of current practices. Financial institutions and third parties are each facing their own challenges as third party risk management receives greater focus than ever before.
Factor \#1: RELIANCE
There is an increased reliance on third parties. Financial institutions globally depend on third parties to deliver business critical processes and services. Third
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