Blueprint for an Effective, Efficient & Agile Third-Party Management Program
Organizations are no longer a self-contained entity defined by brick and mortar walls and traditional employees. The modern organization is comprised of a mixture of third-party relationships that often nest themselves in complexity such as with deep supply chains. Organizations are a mixture of contractors, consultants, temporary workers, agents, brokers, intermediaries, suppliers, vendors, outsourcers, service providers and more. The extended enterprise of third-party relationships brings on a range of risks that the organization has to be concerned about. Managing third-party risk has risen to be a significant regulatory, contractual, and board-level governance mandate. Organizations need to be fully aware of the risks in third-party relationships and manage this risk throughout the lifecycle of the relationship, from on-boarding to off-boarding of a third party.
Third-party GRC management is a capability to reliably achieve objectives [GOVERNANCE] while addressing uncertainty [RISK MANAGEMENT], and act with integrity [COMPLIANCE] in and across and down throughout the organizations extended enterprise of third-party relationships.
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 GRC 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 GRC 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 the business. When the organization approaches third-party GRC 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.
A haphazard department and document-centric approach for third-party GRC 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 GRC 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.
Join Michael Rasmussen, GRC Economist, and Pundit, GRC 20/20 for a practical workshop session on effective third-party GRC management – drawn from Michael’s vast experience of helping companies across the world understand and enable best practice approaches.
Third-parties are strategically important to business strategy today, yet with their opportunity comes risk. During this workshop, you will learn how you can integrate strategy, process, and architecture to better manage third party relationships, and drive better efficiency, effectiveness, and agility in your third-party programs. This workshop provides a blueprint for attendees on effective third party management in a dynamic business, regulatory, and risk environment. Attendees will learn third party management governance and processes that can be applied across the organization at either an enterprise or a department level. Learning is done through lectures, collaboration with peers, and workshop tasks.
Bring A Peer
There are many stakeholders across the organization that is involved in third-party GRC management, and collaboration is key. We encourage attendees to bring a peer from their company. We encourage you to invite a peer.
Attendees will take back to their organization approaches to address:
- Effectively managing due diligence and third-party risk.
- Understand the challenges and pitfalls of managing third-party risk
- Achieve success capitalizing on third-party relationships while maintaining compliance
- Facilitate ongoing monitoring of third-party partners.
- Define a third-party GRC management lifecycle for managing and monitoring third party relationships
- Establish third-party GRC management ownership and accountability
- Provide third-party GRC management process consistency
- Communicate effectively with third-parties on matters of risk and compliance
- Track critical workflow and tasks internally and with third-party relationships
- Deliver effective third party governance and assurance to the board of directors, regulators, and stakeholders
- Monitor metrics to establish effectiveness or third party management
- Identify and resolve issues with third-parties
- Map third-party relationships to objectives, risks, controls, issues, and other GRC areas
Benefits to attendees:
- Understand a top-down as well as a bottom-up approach to third-party GRC management
- Implement third-party GRC management in the context of business strategy, process, and operations
- Explore third-party GRC management architecture models and how they apply to your organization
- Discover various third-party assessment and monitoring techniques and how they apply to your business
- Develop a third-party information architecture that aligns with business operations and processes
- Effectively communicate and gather attestation on third-parties across your organizations
Who should attend?
- Procurement Professionals
- Supply Chain Professionals
- Ethics & Compliance Professionals
- Risk Management Professionals
- IT Security Professionals
- Legal Professionals
- Environmental, Health & Safety Professionals
- Corporate Social Responsibility & Accountability Professionals
- Individuals with third party management, ownership, or oversight responsibilities
Part 1: Third-Party GRC Management by Design
Why Third-Party GRC Management Matters
- What effective third-party GRC management achieves
- Third-party GRC management’s role in governance, risk management, and compliance
Part 2: Third-Party Governance
Blueprint for Effective Third-Party GRC Management
- Third-party governance committee: bringing together the range of third party management roles and responsibilities in the organization
- Third-party management charter: defining a structure to govern third party relationships
- How to develop a third-party management strategic plan
Part 3: Third-Party GRC Management Lifecycle
Managing Third-Parties from On-board to Off-boarding
- Third-party identification & on-boarding
- Ongoing context monitoring
- Third-party communications & attestations
- Third-party monitoring & assessment
- Third-party forms & approvals
- Third-party metrics & reporting
- Third-party re-evaluation & off-boarding
Part 4: Third-Party GRC Management Architecture
Enabling Information & Technology Management of Third-Party Relationships
- Blueprint for managing third party content and related data
- Types of third party GRC management information and how it integrates into third party processes
- Components and requirements for a third party information architecture
- Blueprint for enabling third-party GRC management processes with technology
- Kinds of third-party GRC management technologies and what best serves the organization
- Capabilities and requirements of third party GRC management platforms
- Articulating the value of effective third party management.
- Defining a business case and value of third-party GRC management platforms
Michael Rasmussen – The GRC Pundit @ GRC 20/20 Research, Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 26+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.
Galvanize builds security, risk management, compliance, and audit software. Their mission is to unite these teams in their HighBond platform in order to strengthen individuals and protect organizations.