Evaluate and align
As third party risk leaders mature their programs, are they truly effective, sustainable and meet all stakeholder needs?
Third party services are not created equal and neither generate the same risks. Knowing where to focus your skills and resources will better focus your spend on the most impactful areas. An effective program mitigates risk for clients and provides valuable information to better manage risk and performance across those relationships for the business.
The key drivers for clients:
- Risk alignment – Ensure third party risk posture is aligned to risk appetite and requirements of the organization.
- Centralization – Reduce third party risk management activities off of the business for them to focus on delivery and impact.
- Operating model – Align roles and responsibilities to individuals with the appropriate experience and skillsets.
- Regulatory compliance – Ensure applicable laws and compliance obligations are met by third parties and the organization.
- Security and resilience – Limit the exposure and impact of threats from third parties.
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