Organizations are no longer a self-contained entity defined by brick and mortar walls and traditional employees. The modern organisation 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 organisation 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.
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.
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.
This workshop aims to provide 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 process 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.
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 management lifecycle for managing and monitoring third party relationships
- Establish third party management ownership and accountability
- Provide third party 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 management
- Implement third party management in the context of business strategy, process, and operations
- Explore third party 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 an third party information architecture that aligns with business operations and processes
- Effectively communicate and gather attestation on third parties across your organizations
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 23+ 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.
LockPath® was created by GRC experts who recognized the need for intuitive GRC software that was flexible and scalable to serve ever-changing and expanding organizations.
In addition to the company’s founders, LockPath’s executive team comprises top industry professionals in the fields of software development, accounting and consulting, cybersecurity, financial services, market development and other industries. LockPath employs dozens of talented professionals and has several open positions.
LockPath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises across industries. Along with their ecosystem of technology and channel partners, LockPath provides unparalleled customer satisfaction from initial project discovery discussions to ongoing customer support.
