Strategy to tactics: How to tackle third-party risk management

Organizations need to be fully aware of the risks that can come with third parties and manage them during the entire relationship lifecycle. Without a coordinated strategy for governing third-party relationships, the organization never sees the big picture and fails to put TPRM in the context of business strategy, objectives, and performance.

This session will give you a blueprint to build an effective, cross-functional strategy for managing third parties in today’s dynamic environment of evolving business, regulatory, and risk challenges. You’ll also learn how to:

• Define a third-party management lifecycle.
• Establish third-party management ownership and accountability.
• Avoid common challenges and pitfalls when building your TPRM strategy.
• Map third-party relationships to objectives, risks, controls, issues, and other GRC areas.

Giving third-party vendors access to your network and data exposes your organization to higher-profile risks. Ideally, a rigorous risk assessment would be performed for each vendor—but that’s unrealistic given the volume of vendors that most organizations deal with.

This is where automating your TPRM process comes in. In this session, we’ll uncover how to automatically collect and screen vendor information so you can more effectively mitigate risk and provide a consistent onboarding process. We’ll also discuss:

• How to better understand and prioritize your procurement, security, compliance, and risk management departments and the role they play in TPRM.
• How to integrate the internal and external data you have available to create scoring methods for automated vendor classification and follow-up actions.
• Actionable steps and resources to start (or mature) your organization’s TPRM process.

In recent years, high-profile third-party incidents have negatively impacted the reputations, earnings, and shareholder value of a number of organizations. As a result, investing in TPRM solutions has become a bigger priority for most organizations.

In this session, you’ll learn how we work with customers to manage their entire vendor risk process and minimize exposure to financial, operational, reputational, and security risks from third parties. Discover how our solution, ThirdPartyBond, automates the entire TPRM lifecycle—from onboarding, assessment, and remediation, to performance monitoring and ongoing review.