Business turbulence caused by the past year has pushed organizations across the U.S. to put their resiliency plans to test, as leadership teams are overwhelmed by the sheer magnitude of disruption and increasing uncertainty. Challenges faced by traditional vendor risk management programs have been amplified due to these circumstances, with businesses looking to be innovative and design new processes to help manage these risks with fewer resources. Some of the challenges that vendor management leadership across organizations are having to stress over are programs that are:
- Delayed: Slower decision-making due to prolonged time needed by businesses to understand the risks associated with potential third parties
- Untailored: Current processes for vendor onboarding are not rightsized to the risk profile of the service being outsourced
- Out of Focus: Current processes are ineffective at aggregating third party engagement risk data across an organization to make accurate decisions
- Uncoordinated: Current third party management programs are decentralized and there is a lack of coordination across risk SME’s and separate business units.
In our webcast, we will discuss some of these aspects and understand key drivers that can help optimize your current third party risk management (TPRM) program. We will describe how a risk analytics solution can help you:
- Enable service risk specific due diligence, reducing the assessment time required from planning through contracting and onboarding
- Utilize internal and external vendor intelligence to push the third party risk view upstream in the business decision making process
- Enable automated risk reporting and a centralized assessment platform resulting in improved efficiency
- Enable analysis of aggregated, historical data across the organization to facilitate a holistic view of vendor risk across an organization
We will provide a use-case scenario to offer hands-on experience of how risk analytics can optimize third party risk activities.
- Describe the current vendor risk landscape and identify major challenges faced by TPRM programs
- Explain how risk analytics can help optimize your TPRM program
- Describe a risk analytics solution architecture to manage these risks
- Analyze different use cases where risk analytics can be used to drive efficiencies in your TPRM program
Please note: CPE credits are not awarded for webcast replay.
Recommended Field of Study:
- Adam Schrock, Managing Director, National Third Party Risk Practice Leader
- Yvette Connor, Strategic Risk Services Leader, Risk Advisory Services
- Mike Pankey, Senior Manager, Advisory Services
Group - Internet
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