Third party risk management is on a journey. A journey that is being accelerated and guided by increased regulatory attention.
November 29, 2017 posted by Aravo
Topics: operational risk, third party risk, risk-scoring, enterprise risk, performance scoring, third party relationships, reputational risk, regulatory risk, regulatory compliance, risk and compliance, supplier risk, Financial Services, vendor risk, occ compliance, Risk Management Framework, performance management program, third party supplier
August 16, 2017 posted by Aravo
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.
Topics: third party risk, risk-scoring, performance scoring, third party relationships, reputational risk, organization risk, regulatory risk, regulatory compliance, data privacy, Data Security & Privacy, information security, risk and compliance
July 11, 2017 posted by Aravo
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.
Topics: third party risk management, risk and compliance, tprm, business complexity, scale, compliance risk, Global 2000, business change, business scale, third parties, white paper, risk-scoring, performance scoring, automated workflows, risk dashboard