Financial Services Ireland

SURVEY RESULTS

Third Party Risk Management Survey

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Covid-19 is raising concerns about the resilience of enterprises globally. One potentially overlooked vulnerability is the increasing dependence on third parties. The interconnectedness of today’s business environment and the use of external vendors – from supply chains to the delivery of critical business services – poses a risk of disruption that can result in significant revenue loss.

EY’s Third Party Risk Management Survey covers a broad range of organisations, including advanced manufacturing and mobility, financial services, banking and capital markets, consumer, health, insurance, life sciences, power and utilities, technology, media and entertainment, and telecommunications. The survey results for the Financial Services sector can be downloaded below, and identify some notable trends in the following five areas:

  • Operating model and governance
  • Automation, technology and reporting
  • Fourth parties, data breaches and resiliency
  • Risk expansion and frameworks
  • Emerging focus areas

The Irish financial services market continues to evolve into a complex ecosystem of third parties and outsourcing arrangements – one which presents opportunities for the industry’s firms and their customers but also introduces key risk factors” – Jerry O’Sullivan, Associate Partner, Risk Advisory

These areas are discussed in more detail in this article from Vignesh Veerasamy, EY Americas Advisory US-West Risk Transformation Leader, EY Global and EY Americas Third Party Risk Management Commercial Lead.

You can also review our latest insights and thinking to support you in leading through these volatile times; don’t hesitate to reach out if you have any questions.

Jerry O’Sullivan

Associate Partner, Risk
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