Third-party risk assessment

Third-party risk assessment is the process of evaluating the potential risks posed by external entities such as suppliers, contractors, service providers, and business partners. The assessment seeks to identify and assess potential risks associated with the relationship and understand the impact of those risks on the organization. The objective is to ensure that the organization is aware of potential risks and has appropriate controls in place to mitigate those risks. The assessment process typically includes reviewing the third party’s policies and procedures, conducting due diligence, and monitoring the third party’s performance. The results of the assessment are used to inform decision making, prioritize risk mitigation activities, and develop a risk management plan.

The third-party risk assessment services offered by I.P. Pasricha & Co. assist businesses in assessing and controlling the risks connected to their dealings with suppliers, vendors, and other third-party partners.