The global economy has suffered two significant shocks — first, the pandemic sent shockwaves through every organization, and second, the war in Ukraine. Both of these events exposed the importance of risk management, especially with regard to supply chain and distribution operations. Hence, the renewed focus on third-party risk management and the repetitive description of “holistic” third-party risk management. Reality forces change, and we are now experiencing significant adjustments to overall risk management procedures. At the top of every list has to be third-party risk management beyond legal and compliance risks — we have new disruptive risks that have to be identified, quantified, or ranked and then addressed.
Michael Volkov outlines the new reality and opportunities stemming from holistic third-party risk management in this episode.