RISK MANAGEMENT AT WORKING WITH CONTERAGENTS

Abstract: many companies rely on third parties to some extent. Some have thousands of outside relations. They help companies reduce costs, improve service speeds, and provide global access. They also allow companies to be more flexible and competitive. But counterparties can also be the cause of, ranging from reputation and branding to the risk of serious financial damage. Managing third-party risk usually gets the most attention when: a company is in a highly regulated industry – such as financial services or pharmaceuticals, or when the company has run into Foreign Corrupt Practices Act (FCPA) issues, and regulators require robust compliance and monitoring programs within amicable agreement. Cooperation with contractors and business partners, as well as the use of outsourcing is part of the business environment. Third parties provide many benefits to companies, but they also carry inevitable risks. Therefore, having an effective and efficient third party risk management program is critical. This article examines the market of cooperation with counterparties and the risks associated with them. Numerous relationships and business relationships between companies regarding risks in this area were analyzed. Possible measures to minimize risks are also considered.

Keywords: counterparties, security, risk assessment, risk management

bagamaev