Today’s business ecosystem is built on third-, fourth- and even fifth-party relationships. It's important to assess and prioritize, not only for compliance reasons, but to determine those most important to the company’s value proposition. An effective assessment shouldn't only identify key risks, but also critical points of failure by examining shifts in production, product offerings and delivery; verifying/validating backup plans; and continuously monitoring to stay ahead of the risk curve.

In this article, Protiviti Managing Directors Paul Kooney and Brian Kostek explain why companies should embrace innovative third-party risk management (TPRM) technology and techniques post-pandemic.