Critical service provider dependencies
Our service providers are increasingly becoming a critical part of an organisation’s extended delivery model. Demand by customers, regulators and other interested stakeholders for greater transparency and confidence in performance around new issues such as resilience, security, privacy and operational performance, especially in the Financial Services, Technology and Business Services sectors.
With a drive for greater transparency, organisations are reporting more information around their operational performance and strategically important activities – this can be both a mandatory requirement through laws and regulations or “voluntarily” to meet specific stakeholder needs. Providing independent assurance around the reported information is an important part of building trust with key stakeholders (both internal and external).
Market platform resilience
Organisations and consumers are dependent on market platforms providing critical functions, such as clearing, settlement, marketplaces, social media and money/information exchanges. By their very nature, the failure of a market platform could have industry wide implications.
With limited regulatory oversight, platforms are increasingly being expected to prove they operate a resilient, secure and well-functioning services in line with their obligations. Independent third party assurance can help with this.
Supply chain provenance
Consumers and other stakeholders now care more than ever before about where products come from, where the raw materials are sourced and the values exhibited in the supply chain of the products that they consume. The retail, consumer goods, manufacturing and renewables sectors are likely to be at most risk of supply chain incidents or failures as supply chains expand, become more complex and regulation increases. Organisations need to better understand and control their supply chains and demonstrate provenance to their stakeholders – there is an increasing role for independent assurance to build trust where greater transparency and confidence is required.
Customer experience and product promises
Delivering on product and service promises is becoming increasingly important as part of the overall customer experience and brand reputation of organisations – in today’s world bad news travels fast. From a compliance perspective of treating customers fairly to seeking differentiation through making bold promises, organisations need to be confident that they have the right governance, processes and controls to deliver, and be ready to respond to incidents when they arise. Furthermore, customers are expecting organisations to prove that they are delivering on their promises and obligations.