Risks of external email service provider
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I'm not sure what this external email service provider is doing for you, but I assume they are sending emails to certain email lists on your behalf.
The risks I see are the following:
1) They could sell your email list to someone else
2) They could send your emails to wrong people
3) They could delay sending emails or not send emails at all
I'm not sure what would be the impact of these risks for your company, this is something you would have to assess on your own.
This might also help you: A catalogue of threats and vulnerabilities: https://www.infosecpedia.in**************************
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Jan 12, 2016