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Third Party Risk - A Unique Kind of Operational Risk

Third party risk management is on a journey. A journey that is being accelerated and guided by increased regulatory attention.

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Topics: risk and compliance, third party relationships, Financial Services, reputational risk, regulatory risk, risk-scoring, third party risk, performance scoring, regulatory compliance, operational risk, supplier risk, third party supplier, Risk Management Framework, vendor risk, performance management program, enterprise risk, occ compliance

Third party scorecards: Making an improved culture of collaboration a reality

Scorecards that measure the performance of suppliers and vendors that a company contracts with have been a business tool embraced by procurement for some time now.

However, there’s an evolution underway. Increasingly businesses are recognizing that a holistic third party scorecard that also embeds risk and compliance metrics, can not only help drive continuous improvements in vendor performance, but can also help reduce the risk that third party engagements may bring to the enterprise. What’s more, scorecards can also be leveraged as a collaborative tool to help raise the collective bar of the third party ecosystem – especially in areas such as IT security.  Operational risk, Information Security and Compliance are all now stepping up to the scorecard plate.

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Topics: risk and compliance, third party relationships, Data Security & Privacy, information security, reputational risk, regulatory risk, risk-scoring, third party risk, data privacy, performance scoring, organization risk, regulatory compliance

Evaluating Third Party Risk and Performance

Best practice approaches to risk and performance scoring and automated workflow

As businesses have evolved and matured, so too has their approach to third parties. In the past, companies focused more on transactional ‘supplier’ relationships, typically for raw materials or ‘parts’. However, today third party relationships form a much deeper and far-reaching part of the strategic and operational ecosystem of any Global 2000 organization.

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Topics: risk and compliance, third party risk management, Global 2000, compliance risk, tprm, business complexity, scale, business change, business scale, white paper, third parties, risk-scoring, performance scoring, automated workflows, risk dashboard