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Full transcript available below:

Hello everyone, and welcome to today's webinar hosted by me, Bethany Sirven of MyComplianceOffice, and Third Party Risk Expert and President of ONTALA, Linda Tuck Chapman. 

Linda is an experienced consultant and former Chief Procurement Officer at three major banks. Linda brings hands-on experience designing and executing effective third party risk management programs. She's also a popular speaker, educator and author. Please note that the slides from today and a video recording of the sessions will be made available on our website. You will receive an email from us in the coming days with a link to download these resources. Also, if you have any questions, please feel free to send them through. I'm going to now pass the webinar on to Linda, who will start us off today.

Well, thank you very much Bethany, and thank you so much for listening in today. I really appreciate people taking the time out of their day. Third Party Risk Management is still a relatively new discipline for all of us, and so I have the good fortune to have taken a keen interest in this a few years ago, so I've been able to gather quite a bit of experience both as a corporate executive and as a consultant. And also, I work with the Risk Management Association, for those of you who are in the financial services sector, and so they have a Third Party Risk Management roundtable, so I get to work very closely with clients, also with executives who are trying to solve some of the issues that come up such as how do you actually translate regulations into action and how could you make these things work.

Some of us have a few years under our belt and others are new, so this is a little bit of a screen with my background but I would invite you to consider having a look at a book that I'm publishing through Risk Management Association later this year. It'll be Third Party Risk Management, What You Should Know. I've tried to bring this down sort of into more layman's terms, and this has really given me a lot of confidence in writing the book about how much you need to know, but how much we already know, and as we move forward how many great opportunities there are to make Third Party Risk Management much more effective and a real value add for companies.

So if we can move on to the next slide, Bethany, what I want to talk about today is number one, I would ask you please, please submit questions. I don't have a ton of slides. What I really would like to do is to share some experience and expertise. If you have something to comment on, it'll show up in my chat box. And if you have a question I'd love to be able to answer it as we go, because this is really a journey for me as well. I learn things about Third Party Risk Management every day and that's saying a lot because that's mostly what I do every day is to focus on Third Party Risk Management. 

I'm going to go through some different aspects, and there are so many distinctive things to think about in Third Party Risk Management. What I really want to focus on today is how it works and how the different people in the three lines of defense come together in order to deliver Third Party Risk Management life cycle management governance services to their organizations. And I think that what you'll find is this is growing in importance. I certainly know that this is spread well beyond financial services in terms of the rigor and the amounts of intensity around how you're actually going to execute, and paying attention to what you learn, into many, many industries.

And so what we can learn from the financial services sector is I think we can talk about that. I have a lot of experience there, but also I'm learning from people in other industries. Because if you think about consumer packaged goods or manufacturing, they've always been pretty expert at managing the relationships that they put in place, and that is not an area of strength for all companies. So I think together as a community of interested parties we can probably figure out how to do this really well, and add a lot of value to the bottom line.

So we're going to talk about who sets the rules. I'm going to share with you my views of the world. I think there's two sides to this coin. There is the life cycle management aspect of it. It's all the tasks and activities that you need to structure or put in place, and to actually execute again to manage your program well. And then what type of governance should you think about. And the governance ties very, very closely back into our theme today, which is the three lines of defense.

We can talk about how this might look in action and I appear to really like that topic, because I have it twice. And we'll talk about the actual three lines of defense, whether or not you're using the three lines of defense in your company deliberately, I'm guessing they apparently are to some degree, and what you should be driving towards. This is not about activity management, it's about risk management, performance management, and cost management. For those relationships and activities that are delivered by third parties and how they can really influence the direction and the outcomes for your company, and also how you can help make this better.





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This webinar was co-hosted with Linda Tuck Chapman of Ontala Performance Solutions.

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