Third Party Risk Management

Overcoming data dispersion to create a single integrated data pool is vital.

One of the principal challenges initiating the process to more effectively manage your third parties is the probable dispersion of third party data across the firm.  This is exacerbated if there are multiple divisions, departments, countries and if they are stored in multiple data repositories. 

To learn more click here.

It is highly probable that you will not have all the data you need from internal sources to conduct your risk assessment on the third parties. You will need to be sure that your platform is capable of gathering data from multiple external data sources.

To learn more about the different external data sources you will need, click here.

Consistent risk assessment, scoring and classification are foundation activities.

Once you have your initial data about the third party, it is time to assess the risk and assign a risk classification to each vendor or third party. You will need to be methodological in your approach as regulators are expecting to see a robust, well-designed structure.

Click to learn more.

This part of the process requires deeper dives into areas of risk such as IT security, financial stability, corruption and bribery etc.

This is accomplished through multiple activities including the use of in-depth questionnaires, the screening of third parties against external databases such as World-Check, Dun and Bradstreet for financial standing and the scheduling and documenting of activities such as on-site visits, phone interviews etc. 

To learn more click here.

Onboarding of new third parties is a key process for the firm and implementing procedures to ensure that the correct third parties are on-boarded is critical.

It is an important part of your third party risk management program. 

To learn more click here.

Good oversight delivers better management and program control.

Once your third party risk management program is up and running, oversight of the program and the ability to conduct analytics of the program is very important. An automated solution should enable firms to quickly see the risk classifications of their third parties, the risk assessment and due diligence activities that are upcoming and past due. 

To learn more click here.

A robust solution must be able to handle and help you to resolve your issues and cases.

When you are classifying the risks and conducting due diligence you also need a robust system that can manage those occasions when a supplier or third party does not meet the standards set out in your policy documents.

Click to learn more.