7 Best Practices for Successfully 

Managing Third-Party Risk

As the old saying goes, “You gotta hope for the best, and plan for the worst”. Whether you’re just starting your business venture or have been operating for decades, this axiom holds true from day one. Potential disasters can exist around every corner, and it’s important to be able to project what those could be and how you would handle them.

In fact, it’s how we approach everyday life. If you have an appointment to get to, you don’t want to be late. Let’s say you don’t drive, so you must rely on a third-party service to get you there, a bus, taxi or ride-sharing service. You’re putting your trust in another entity’s ability to get you there on time, but you’ve been doing this long enough to know that stuff happens, and you come up with a backup plan, just in case.

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