Auditing Fourth-Party Risk and Beyond

Organizations are already painfully aware of the consequences of the pandemic on their operations due to supply chain interruption. Gaps have been identified and new regulations are being announced in response to the myriad of disruptions in the last 18 months. Moving forward, internal auditors should take the opportunity to improve the resilience of their organization by assessing the third-party risk management program through a new lens. You will find this discussion of interest if you are looking to: • Ensure that your organization’s third-party risk management program is robust enough to address the risks that have emerged from fourth- and Nth-parties in the past year. • Address the need to remodel fourth-party strategies to ensure or improve operational resilience. • Improve rigor and processes to ensure resilience of the organization in relation to its third- and fourth-parties. • Build the confidence of the executive team that the organization is resilient and that a robust third-party risk management program meets the standards. • Understand if you and your vendors are assessing and managing risk appropriately.