Third Party Risk Management

In just one week, two of our major and trusted suppliers have, for differing reasons, advised that their software platforms are closing and they can no longer supply services to us.

This is a blow to say the least, as their services have supported our business over many years, helping to enable the efficient and comprehensive service that we provide to our clients. We were at least very grateful to hear that our client account provider Metro Bank appears to have been saved, as to add a third supplier to the list of ‘casualties’ would have been even more disruptive!

The implementation of our third party risk management plans is now in full flow and we aim to use this ‘crisis’ as an opportunity to facilitate more efficient working procedures going forward, to benefit our clients.

The reliance, and therefore the risk, that we all have on third party owned software is huge, particularly perhaps for SME’s who cannot justify running two systems to cover the risk should one system fail, or employing a Risk Management Company to assist. Even with ‘go-to’ back-up systems in place, one must perform up-to-date, pre-and post-contract due diligence which of course all take up considerable administrative time and resources.

However, it does make sense to spend this time researching and implementing the correct systems that will form a crucial part of one’s business, hopefully for years to come.

Judith Campbell, Director of Disposals