Part 3: Third Party Expansion

We are on Episode III of special five-part podcast series on an innovative approach to managing third party risk. This week I am joined by James Gellert, the Chairman and Chief Executive Officer (CEO) of Rapid Ratings International, which is sponsor of this special series. Our conversation is about helping companies manage their third-party supply chains through financial health. The Rapid Rating approach is incredibly innovative, with both a series of products and services that should be considered by the compliance practitioner. In this Episode 3, we discuss the issue of third-party expansion. Highlights include:The definition of “third party” is expanding, which only makes life more complicated for anyone trying to do third party risk assessments.There are a lot of risks that people can't get around to managing because they can't even identify which companies are taking risks.The definition of third parties has expanded out to nth tier, adding an additional layer of complexity to risk management. All of this is coupled with an increasing reliance on third parties to deliver business critical products and services.