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Business Risk Services

Third party assurance

The current third party service provider environment

Corporate Ireland has been transformed in recent years. Against the backdrop of increasing commercial and in some cases regulatory burdens and in the face of dynamic and challenging markets, tough competition, resource pressures and increased IT complexity, organisations are facing the challenge to improve performance.

The use of third parties can introduce operational and financial improvements but can, if not managed properly, also magnify risk.

The current corporate environment has increased the emphasis on outsourced service providers working with their clients and their clients’ auditors, to show that the risks associated with the outsourced service are being appropriately managed.

Our third party assurance services can assist user organisations in managing their third party risk and can also provide assurance to senior management and other stakeholders.

Grant Thornton’s third party assurance services include:

  • outsourcing risk management services;
  • service auditor reports (SOC 1/SOC 2/SOC 3);
  • third party supplier operational and security risk assessments; and
  • third party contract reviews and customised vendor management audits.

With increasing concern about systemic failures and failures within individual firms, the business community have long been concerned about what some refer to as
'outsourcing risk'.

In a regulatory context businesses may be required to maintain their own internal capability which can recommence the outsourced activity in the event of a service failure for designated critical functions.

Most regulators today require firms to undertake regular risk assessments focussed specifically on outsourced functions and the outsourcing service provider.