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Working Well Together: Managing Third-Party Risk in a More Integrated World, Focus on Banking and Financial Services

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Finance & Risk Management

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These days, business relationships between companies are becoming more integrated---to the point where previously hard and fast lines between enterprises become blurred, and partners, suppliers, or vendors can be viewed as extensions of the company itself. But, while more and closer relationships with third parties are increasingly important for a bank or financial services firm, they also expose the institution to a new world of risks. This research among finance, IT, and line-of-business executives at U.S. financial services firms reveals broad consensus among executives on the business value of third-party relationships, and sheds light on the approaches these firms are taking to manage the resultant risk.