In today’s interconnected business ecosystem, your organisation doesn’t just face risk from its direct suppliers (third parties). It also faces risk from - the suppliers of your suppliers (fourth parties), and even further down the chain (fifth or nth parties). You may not have a direct contractual relationship with those downstream vendors. However, their failures or exposures can ripple back and impact your business. So how can you effectively manage fourth ‐ and fifth ‐ party risks with vendor risk management software? Here are some key strategies. 1. Know what fourth/fifth-party risk is A fourth-party vendor is essentially a vendor of your vendor. It means an organisation your third-party supplier uses to deliver services or products. A fifth-party or nth-party risk refers to going yet another level down (your vendor’s vendor’s vendor, etc.). These downstream relationships can introduce - operational...