Third Party Risk Management | Tie Together and Boost Your Third Party Risk Management Processes
Fetch error
Hmmm there seems to be a problem fetching this series right now. Last successful fetch was on October 03, 2024 04:13 ()
What now? This series will be checked again in the next day. If you believe it should be working, please verify the publisher's feed link below is valid and includes actual episode links. You can contact support to request the feed be immediately fetched.
Manage episode 289856210 series 2910339
Third Party Risk Management is becoming a strategic priority for many organisations. Based on client research, most organisations tend to lean towards a decentralised approach to TPRM due to the size and complexity of an organisation and their pre-existing processes.
Having a variety of TPRM processes can become problematic if not managed holistically as the organisation may not have the high level perspective that is needed to be aware of all the risks that come with different third parties and the varying nature of the processes may lead to inefficiencies.
So, whilst third party ownership is an organisation-wide responsibility, organisational leadership should drive toward a shared framework and tools to enable the various risk management processes to share data and create efficiencies. This framework may be owned and overseen by risk management or procurement.
“By implementing a centralised Third Party Risk Management Framework, TPRM processes can be unified under an umbrella of excellence,” says Patrick Ryan.
Thank you for listening!
- Do you have questions? Get in touch with our experts.
- Tune in to the full Phinity Risk Solutions podcast show for more insights.
- Visit our website for the solutions and resources that can bring you peace of mind.
Follow us on LinkedIn for free risk management resources, tips, and news.
17 פרקים