Third party risk management: Cost centre to value centre

The central aim of third-party risk management in procurement is to make sure the organisation maintains operational continuity, protect its reputation, and comply with relevant regulations while reducing the potential impact of third-party failures or disruptions. Sayan Debroy heads the Supplier Risk Intelligence solution at The Smart Cube (a WNS company), and explains to Procurement Magazine how businesses can revise how they approach third party risk management and turn it into an opportunity.