Today India Inc. is at an inflection point where growth is increasingly powered by a vast array and environment consisting of external partners. Third-party vendors today are not just suppliers; they could be technology providers, innovation partners, and, as we have come to know in many a case, even an extension of the enterprise itself. Yet as organisations expand their third-party ecosystem to speed up and realise their digital transformation objectives, they are also exposing themselves to risks in many ways that in today’s digital-first world are becoming challenging to control through traditional approaches.
At the same time, organisations are under constant pressure to modernise their operations, manage costs, adopt artificial intelligence (AI), and stay compliant with rapidly evolving regulations—whether it here in India or globally. Managing these priorities internally today can more often than not prove to be resource-intensive. It is, therefore, not a surprise that organisations are evaluating and rethinking how critical functions, for example, like third-party risk management, are delivered.
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