Many companies have thousands of third parties, depending on their size and complexity–including suppliers, distributors, sales people and service providers – each of which has a stake in the company’s value chain. Yet customers don’t differentiate between the company and its suppliers when there is an issue. At the end of the day, the company could be left holding the bag for the actions of its third-parties. And often, the audit committee is assigned to oversee these third-party risks.
PwC’s Governance Insights Center has just released Audit Committee Excellence Series – Oversight of third-party risks, which examines how companies can manage these third-party risks and facilitate audit committee oversight.