How to insulate your company from third-party risk

There is some interesting commentary in here on the increasing focus by regulators on managing third party relationships and how oversight of third party execution of responsibilities is critical. Although the examples used are in relation to financial institutions, there are real analogies here with the oil and gas industry – in particular, the pertinent observations around the risks that larger companies face from the ‘silo effect’ creating a lack of joined-up due diligence across the organization by not having centralised systems, and how mergers and acquisitions exacerbate that as companies grapple with trying to bring together different systems.