Managing third-party risks is no easy task. As central banks and regulators outsource parts of their services to third-party providers, it becomes important to ensure such providers are in good financial and operational health. An unexpected third-party failure could be detrimental to day-to-day operations.

These risks compound when an organisation is large enough that it has a very high number of third-party providers. This is the case for the International Monetary Fund, which employs upwards