What is a Third Party?
A third party is anyone your organisation deals with – from contractors, suppliers and vendors through to partners, clients and shareholders.
Eliminating third-party risk is impossible because of the complex web of relationships that a modern organisation needs if it is to function effectively. What matters is mitigating the risk, and knowing how to deal with it.
Key Themes
Increasing Regulation
Third-party risk is not sector-specific, but is still closely associated with the financial sector because of its regulatory compliance requirements. A fundamental component is the ongoing monitoring and due diligence of outsourced service providers.
Operational Factors
Organisations rely on third-party suppliers to deliver business-critical services. A supplier’s failure can damage its clients’ operations, financial performance and reputation.
Geopolitical Instability
The Russia-Ukraine war and the coronavirus pandemic demonstrate the fragility of global supply chains, and highlight the risk of limited visibility over third parties’ operational exposure.
Technology and Data
Legacy systems and a reliance on manual processes can result in inefficiency, human error, obsolete and inaccurate information, and bias.
Cyber Security
Half of all successful cybersecurity breaches originate with third parties. Recent high-profile failures are evidence that threat actors are moving towards systemic breaches via companies’ third parties.
Environmental, Social and Governance
ESG is moving up on the board and key management’s agenda. Businesses are concerned with their own ESG ratings and that of their vendors and partners. It’s an essential component of a TPRM assessment.
Digitise and Centralise
In today’s closely interconnected environment, what’s needed is the ability to identify, manage and mitigate the risks that come from the complex web of business relationships and global exposure. A spreadsheet and an email questionnaire will not provide your organisation with the information it needs.
An automated, data-driven approach and an efficient, streamlined workflow can give an organisation a complete overview of every part of its operating environment – allowing the board to scale safely and make better business decisions.
Third-Party Risk Solutions Tailored to Every Industry
No matter what industry or sector, TPRM is essential to safeguarding organisations and their clients. It also ensures that the companies they work with comply with legal, regulatory and industry standards and operate in line with their own ESG goals.
Powerful Platform
Our Orbit Risk platform enables organisations to achieve a single, global risk perspective and to:
- perform due diligence;
- actively manage third-party relationships; and
- access global data feeds and cyber threat intelligence.
Trusted Data
Our platform allows users to access proprietary and partner data on hundreds of markets and thousands of organisations globally, delivering deep insight for a range of uses.
Our experience means we know what information matters most to our clients.
Global Coverage
We have experience monitoring more than 110 countries, and we have analysts in every major region of the world.
Clients can access our assessments or generate their own, using our flexible and intuitive best-in-class technology.
Orbit Risk
A suite of integrated risk, security, and due diligence tools. The solution for businesses who rely on global third parties to deliver essential support and services.
Orbit Intelligence
Centralise your monitoring and reporting, access Thomas Murray risk assessments and third party data feeds.
Orbit Diligence
Automate your DDQ and RFI processes for a wide range of use cases, accessing a library of off-the-shelf questionnaires and risk frameworks.
Orbit Security
Security ratings for enhanced attack surface management and third party risk. Monitor for breaches and vulnerabilities that could be exploited by threat actors.
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We safeguard clients and their communities
Petroleum Development Oman Pension Fund
“Thomas Murray has been a very valuable partner in the selection process of our new custodian for Petroleum Development Oman Pension Fund.”
ATHEX
"Thomas Murray now plays a key role in helping us to detect and remediate issues in our security posture, and to quantify ATHEX's security performance to our directors and customers."
Northern Trust
“Thomas Murray provides Northern Trust with a range of RFP products, services and technology, delivering an efficient and cost-effective solution that frees our network managers up to focus on higher Value activities.”
Insights
Impact of Russian Invasion of Ukraine on Capital Markets of Ukraine and Russia
Russian forces invaded Ukraine on Thursday, 24 February 2022. Global stock prices tumbled that day, while oil prices surged – increasing…
The Growing Pains of Cyber Insurance
The cyber insurance market has grown rapidly over the last few years, and it’s not done yet. By some forecasts, the global market will grow…
Strengthening Supply Chains Against Sanctions
Third-party due diligence used to mean simply assessing the financial and operational capacity of your third parties. Basic due diligence now…
Regulators, Assemble!
Attention turns to critical third parties and third-party riskOutsourcing is a valuable and convenient way for firms to access specialist…
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