TPRM Summit: How to operate a risk-based due diligence program
Implementing a risk-based approach to third-party due diligence offers several advantages: It frees up compliance resources to be deployed efficiently and helps organizations meet the expectations of regulators.
To an audience of risk and compliance practitioners, this argument is an easy sell. The why is clear. The how, less so.
A panel of experts broke down the nuts and bolts of integrating a risk-ranking strategy and tailored approach to third-party due diligence at Compliance Week’s virtual Third-Party Risk Management and Oversight Summit on Monday. Two compliance professionals and a data privacy analyst broached the topic from various angles: integration, categorization, and troubleshooting.