Increased globalization has resulted in businesses expanding their footprint across the world. To drive efficiency, most organizations tend to outsource non-core activities to external or third parties. While the growing network of third parties can help organizations sustain in a challenging environment, it has also brought with it risks such as bribery and corruption, Intellectual Property (IP) or data theft, regulatory non-compliance, quality issues and many more. It is observed that potential risks are only assessed when on-boarding a third party – there is little monitoring done later on. Such risks, if not evaluated and addressed at regular intervals can go undetected and possibly snowball into serious issues, with severe repercussions.