Third Party Management by Design
A Federated Approach to Third Party Management
Managing third party activities in disconnected silos leads the organization to inevitable failure. Without a coordinated third party management strategy the organization and its various departments never see the big picture and fail to put third party management in the context of business strategy, objectives, and performance, resulting in complexity, redundancy, and failure. The organization is not thinking about how processes can be designed to meet a range of third party needs. An ad hoc approach to third party management results in poor visibility across the organization, because there is no framework or architecture for managing risk and compliance as an integrated part of business. When the organization approaches third party management in scattered silos that do not collaborate with each other, there is no possibility to be intelligent about third party performance, risk management, and compliance and understand its impact on the organization.
The bottom line: A haphazard department and document centric approach for third party management compounds the problem and does not solve it. It is time for organizations to step back and define a cross-functional and coordinated strategy and team to define and govern third party relationships. Organizations need to wipe the slate clean and approach third party management by design with an integrated strategy, process, and architecture to manage the ecosystem of third party relationships with real-time information about third party performance, risk, and compliance and how it impacts the organization.
The Extended Enterprise Demands Attention
- The Modern Organization is an Interconnected Mess of Relationships
- Inevitable Failure of Silos of Third Party Governance
Third Party Management by Design
- Different Approaches Organizations Take in Managing Third Parties
- Third Party Management Strategic Plan
- Third Party Management Architecture
- Third Party Management Process Architecture
- Third Party Management Information Architecture
- Third Party Management Technology Architecture
GRC 20/20’s Final Perspective
- Third Party Networks – Streamlining Third Party Management
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