Identifying and mitigating risk is one of the most critical issues facing organisations today. As the types and complexities of threats continue to multiply, it is increasingly difficult for management teams and directors to think strategically about risks and address them in a way that complies with the requirements of regulators and the needs of customers and other stakeholders.
Third party attestation (TPA) involves certifying the business processes of outsourced service providers to ensure that proper procedures are being followed and that vendors can be trusted to complete their designated tasks. These challenges are particularly acute for businesses that outsource aspects of their operations, infrastructure and controls.
Key Benefits of Third Party Attestation
- Building trust between service providers and customers
- Identifying and closing gaps in processes to mitigate risks
- Proving business value to investors and other parties
- Providing standardised and efficient processes
- Responding more quickly and effectively to threats
For a service provider, TPA can provide an objective ‘stamp of approval’ that its controls and business processes are adequate. All service providers in theory can benefit from investing in TPA, especially those operating within regulated industries such as financial services or fintech and technology providers (including cloud and SaaS operators).
How can BDO help?
At BDO, we have dedicated TPA professionals in every major region of the world with deep experience working in the industry verticals that we serve. BDO understands varying international standards and works with clients to determine the most appropriate standards to adopt. These professionals are backed by a global assurance practice that includes deep expertise in all the primary areas of TPA.
Whether you are looking for TPA for your own internal processes or for external vendors, we have the expertise and breadth of experience to help you navigate a complex world full of both opportunities and threats.