Reap the Benefits of More Effective Managed Service Provider Relationships
February 17, 2017 - By: SC&H Group
Managed service providers (MSPs) have emerged as an effective alternative to recruiting, training, and retaining top talent – and as a result of this advantageous partnership, resources sourced through MSPs continue to grow.
While MSPs provide various benefits, corporations should take steps to effectively monitor risks, such as conflicts of interest, non-compliance, misaligned job titles / roles, breaks in service, charges that do not tie to Statements of Work (SOWs), and hidden costs.
When the MSP relationship operates as intended, the corporation reaps significant benefits including cost reduction, reliable access to qualified resources, and increased flexibility to focus on strategic objectives rather than recruiting and procuring talent. However, to realize these benefits, the MSP must operate optimally – this includes complying with contractual requirements and clearly understanding roles and responsibilities of various stakeholders.
To reduce risk and enhance their MSP relationships, corporations should fortify risk management responsibilities in three key business functions as outlined in a position paper released by The Institute of Internal Auditors (IIA):
- Functions that own and manage risks (Operational Management)
- Functions that oversee risks (Risk and Compliance Departments)
- Functions that provide independent assurance (Internal Audit)
However – an alternative line of defense exists to mitigate and manage risks: contract compliance auditors.
In this white paper, we explore why corporations should partner with independent contract compliance auditors to close gaps within those three lines of defense, allowing them to establish transparency between parties while ensuring top-to-bottom compliance in their contingent labor programs.
Read this white paper now to learn more, and reap the benefits of more effective MSP relationships.