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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: 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

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: 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