Over the last two years, organizations have accelerated digital adoption and outsourcing to optimize the business processes. This rapid change has exposed and magnified security risks as it relates to their dependence on services provided by third parties. This includes ensuring that governance and risk management processes are built in effectively to evaluate risks associated with external vendors/third parties. Internal Audit can play a critical role in responding to this changing environment by providing an objective and risk-based perspective on the current exposure faced by organizations in managing third party risks and provide direction in creating a value driven approach.
Join the Grant Thornton Internal Audit Cyber Risk team on June 29th to discuss how organizations can capitalize on some of the changes that are driving them to create and preserve value as they look to source services and manage risks associated with third parties. In this webcast, we will provide an overview of Internal Audit’s role in third party risk management, discuss the approach to assess third party risk management (TPRM) governance and operating models, and review the benefits of frameworks and accelerators, including a maturity model that Internal Auditors can use to help evaluate and enhance an organization’s TPRM program.
The discussion will focus on:
- Recent trends in third party risk management
- Top drivers impacting the TPRM program – from a people, process, and technology perspective
- Discussing and evaluating the TPRM program governance and operating model (Hub-spoke, De-Centralized, Federated)
- The third party program lifecycle – due diligence, sourcing/contracting, on-going risk assessment and vendor termination/offboarding
- Understanding your TPRM program readiness
- Selecting the right maturity model (lagging versus leading criteria)
- Describe recent trends in TPRM program governance and operating model, including top drivers impacting risk
- Cite Internal Audit’s role in assessing TPRM program lifecycle (vendor profiling and due diligence, contracting and negotiation processes, ongoing risk assessment, vendor termination) and key areas of focus for risk evaluation
- Identify an organization’s true readiness posture through a readiness assessment
- Apply the right maturity model (lagging vs. leading criteria)
Please note: CPE credits are not awarded for webcast replay.
Recommended Field of Study:
- Vikrant Rai, Director, Internal Audit Cybersecurity Practice, Grant Thornton LLP
- Chris Saracco, Senior Manager, IT Risk, Grant Thornton LLP
Experience with audit planning and managing Cyber security risks through the audit program. Understanding of Cyber security risks and how they may impact/impair business operations.
Group - Internet
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