Third-Party Risk Management in Consumer-Packaged Goods

The consumer packaged goods (CPG) industry is navigating a rapidly evolving landscape of changing consumer behaviors, technological advancements, complex global supply chains, and stringent regulatory and ethical/ESG demands. To thrive in this dynamic environment, CPG companies must adopt an integrated approach to third-party risk management. This approach should transcend traditional departmental boundaries, fostering collaboration across various roles and functions. From onboarding to offboarding, there needs to be a unified process in place for managing third-party risks. Implementing a robust third-party risk management technology platform is crucial. Such a platform should streamline and integrate third-party risk management processes and provide critical risk intelligence, enabling companies to make informed decisions and respond proactively to emerging risks in the extended enterprise. This empowers CPG companies to manage their third-party relationships better, safeguard their operations, and maintain their competitive edge in a challenging and ever-changing market.

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