A 2019 survey conducted by Deloitte revealed that over 80% of organizations had experienced a third-party incident in the last three years. Additionally, close to half of those incidents (46%) had a moderate to high business impact that included significant damage to customer service, financial losses, damage to reputation and legal complications arising from a regulatory breach.
While there was no singular reason these incidents occurred, a common underlying factor was the lack of in-depth knowledge about their supply chain. Only about 10% of the surveyed organizations reported having reasonable knowledge and awareness of their subcontractors, inducted by third-party suppliers. Further, of the 10%, only 2% reported comprehensive monitoring of all of their subcontractors.
This distinct lack of awareness creates a serious risk-factor that can entangle an organization’s reputation as well as their future business potential.
This white paper will explore:
- The importance of audits
- Different types of audits and their benefits
- Success stories from actual organizations
- and much more