Effective third party planning enables companies to determine the best ways to leverage existing resources and add external partners, vendors, suppliers, service organizations and resellers who can maximize the company’s ability to bring products to market, maintain the organization; service channels and customers and generate revenue.
Before engaging a third party, it’s important to complete a thorough planning phase. Planning ensures that you understand the inherent risks that your organization faces when utilizing a third party:
- Begin with a high-level business case, assessing alignment with strategy and other priorities such as access to sensitive or proprietary information, IT development, or mergers and acquisitions.
- Evaluate the functions you need to outsource, the customer and employee impact if you do so, and plan for managing related risks.
- Determine, with your executive team and/or the Board of Directors if it makes fiscal or strategic sense to engage a third party for the identified task(s).
- After these steps, you can move forward with finding an applicable third party, assessing the risks they may present and onboarding them as appropriate to your needs and your company’s risk and compliance guidelines.
- Once onboard, continue to protect the company by having an ongoing plan for managing and monitoring the third party for risk, compliance and performance since circumstances and organizations change over time.
Hiperos 3PM provides a complete and flexible solution that will facilitate your ability to plan for, engage, onboard, manage and monitor all of your third parties throughout the life of the relationship.