By Moroke Phajane
Third party risk management is currently an important topic for most corporate entities. Most corporate entities are carefully scrutinising their third party suppliers in order to minimise the risk exposure inherent in such relationships.
This also applies to professional service providers, including, law firms. As a result of the current economic climate corporate entities are also exploring innovative ways of saving costs without compromising the quality of services required from third party suppliers. This simply means a professional services provider with effective governance, controls, suitably qualified personnel and a flexible fee structure will be most attractive to corporate entities.