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In today’s increasingly connected global economy, organisations face myriad third-party risks which, if not addressed, can cause problems. Third-party risk encompasses a wide range of potential issues that can negatively impact a company’s operations, reputation, compliance status and financial stability. These risks could be related to data security, operational disruption and regulatory compliance, among others.

Accordingly, managing third-party risk has become critical. When designing suitable policies and procedures, companies need to consider a range of aspects including geographical and cultural variations, the evolving regulatory landscape, resource requirements and technology solutions.

By adopting a robust, proactive approach to managing third-party risks, organisations can protect themselves, improve operational efficiency and meet compliance obligations.

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