What role does internal auditing play in third-party risk management, and how can audits help improve vendor compliance?
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What role does internal auditing play in third-party risk management, and how can audits help improve vendor compliance?
Internal auditing plays a crucial role in third-party risk management by providing an independent review of vendors’ compliance with regulations, contractual agreements, and internal policies. Audits help improve vendor compliance by identifying deficiencies, monitoring performance, and enforcing corrective actions. Through regular audits, organizations can ensure that vendors meet established standards, mitigate risks, and maintain a level of accountability in their relationships with third parties.