Unlocking Profitability with Third-Party Risk Management: A Myth or Reality?
By Munish Gupta In today’s digital ecosystem, organizations rely heavily on external products and services and this engagement remains the key business driver for them. Yes, with cost pressures and competency demands, businesses do not choose to invest in developing everything in-house but rather outsource some services to diverse third parties. The Myth of Cost Reduction without Risks This interdependence between organizations and their third-party partners is growing rapidly across industries. Then, can Third-Party collaborations be profitable? This strategic dependence aims to optimize operations, enhance efficiency, and cost...