In 2019 Trade Conferences International (TCI) brought delegates the first conference to be held on third party risk.

This year the conference will again take place on 10 & 11 November at the Indaba Hotel, Fourways.

The use of third parties is nothing new — companies have worked with suppliers, outsourcers, licensees, contractors and agents for years. It spills out in the procurement and supply functions and has a crucial effect on vendor relationships and outsourcing.

What has changed over the years is the frequency and volume of third-party use and the regulatory focus on how organizations are managing third parties to address the inherent risks.

Off course COVID also added another new dimension as many people work from home and physical contact is in most cases limited. These poses additional riks.

Some of these risks include outside threats and challenges to overcome: cyber security risk, risk of using new technology, compliance, reputational riks and regulatory risk.

Inside organisations financial, operational and strategic risks also have to be negotiated.

The use of third party risk has escalated and therefore a better approach is need to managing these risks. Organisations such as banks and insurance companies rely heavily on third parties for improved operational efficiency, technological improvements, competitive advantage and increased profitability.

By learning how to benchmark your third party risk programme, understanding the most common third-party risk management practices and gaining insight into pioneering practices, delegates will be better equipped to rise to the opportunities relating to third party risk and how to overcome the challenges successfully.

We are looking forward to welcome our delegates to this new edition of this informative conference.