Top 10 op risks 2020: outsourcing and third-party risk
Respondents worry about risks stemming from an opaque web of vendors with poor controls
Big banks have decided there are many things it is not worth their while to do in-house. So they contract them out.
And that has birthed a whole new anxiety: third-party risk, or the possibility of getting body-slammed by problems at a vendor – cyber infiltrators, power failures and disreputable behaviour among the most common.
Then there are the vendor’s own third-party vendors. At that point, third-party risk splits into fourth-, fifth-, etc, -party risk – a radiating pond of ever less
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