The scope and complexity of third party relationships have continued to increase as companies outsource, build capital projects, enter into joint ventures and invest abroad. However the approach to contracting remains the same as it was many decades ago. Reliance on a legal contract is insufficient when value is lost, risk is increased and service is compromised through poor relationship and contract and management.
Complex strategic relationship management requires a holistic approach, integrating compliance, risk and performance management up front into the contract tendering and drafting process as well as embedding the right behaviours and controls so that the risk is mitigated and the contract delivers to expectation. As we have seen time and time again, poor third party relationship and contract management can result in very material losses and a loss of reputation. Conversely those who manage their third party relationships well can find they can build real cost and competitive advantage.
We help clients set up, ensure compliance, improve and exit from their complex third party relationships. Our engagements show that there are significant financial and operational benefits from a structured approach to managing their most critical third party relationships.
We provide expertise and have developed tools and diagnostics and can source and configure technology to help organisations transform their approach to managing their major third parties with sustainable bottom line results.