Challenges faced by traditional third party risk management (TPRM) programs have been amplified due to unprecedented circumstances over the last year, 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 as follows:
- Slower decision-making due to prolonged time needed by businesses to understand the risks associated with potential third parties
- Current processes for vendor onboarding are not right-sized to the risk profile of the service being outsourced
- Current processes are ineffective at aggregating third party engagement risk data across an organization to make accurate decisions by organizational leadership
Our fireside chat with Daniel Towslee, Director of Third Party Risk at Nationwide, will discuss some of these challenges faced by the TPRM team at Nationwide, and understand how key drivers like risk analytics helped build solutions optimizing their current TPRM program. We shall delve deep to understand how such a risk driven solution has enabled them to derive deeper insights about different types of risks, while also understanding solution implementation and corresponding socialization of the solution across the organization.
- Identify the third party risk challenges faced by the Nationwide team
- Describe how automated risk models and analytics helped optimize the TPRM risk activities at Nationwide including risk identification, segmentation, analysis, reporting and socialization across the organization
- Explain how external third party intelligence solutions like RiskRecon and Alteryx can be used to develop a risk driven third party management solution
Please note: CPE credits are not awarded for webcast replay.
Recommended Field of Study:
- Adam Schrock, Managing Director, National Third Party Risk Leader
- Yvette Connor, Strategic Risk Services Leader, Risk Advisory Services
- Daniel Towslee, Director, Third Party Risk, Nationwide
Group - Internet
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