This Webcast aired on April 9, 2020.
CPE Credit(s): 1
Third party management (TPM) programs are still in its infancy for many organizations. Aravo’s “Third-Party Governance & Oversight” 2019 survey results found that “50% of respondents perceive their program as ’evolving’ with an additional 19% calling their programs ‘fragmented’ or ‘ad-hoc’.” The added pressures of data breaches and regulatory enforcement actions leading to reputational damage and significant fines in the range of millions to billions of dollars have swayed board members to take a top down approach to ensuring an optimal third-party risk program is in place. Third party program maturity not only enhances board engagement but enables the company mindset to be future-focused and ready for change. Program owners and stakeholders also need to understand their own program maturity in order to educate the board around the importance of third-party risk oversight.
An agile TPM framework has clear definitions for the department function, technology, governance and oversight, and processes in place. Organizations need to be fully aware of the risks in third-party relationships and manage risk throughout the lifecycle, from on-boarding to offboarding of the third-party. This means, relationship managers, procurement, legal, risk, IT, compliance, and other functions need to be involved.
Organizations that depend on spreadsheets and emails find themselves at risk of manual processes but also expose themselves to regulators who expect to see proper controls and audit trails in place. Proper technology infrastructure investments not only allows easier access to a centralized repository but extends program maturity by offering inter-connectability to third party data content providers which streamlines due diligence and continuous monitoring process.
Join Aravo and Compliance Week for a webinar on TPM 101: Mapping To Maturity on April 9th. This webinar is intended for anyone that is looking to build a TPM program from scratch or for advancing your current program to a more mature state.
In an hour, you will be able to:
- Understand what stage of maturity your own program falls under (ad-hoc, fragmented, integrated, defined, agile)
- Develop an understanding of your own organization’s strengths and weaknesses to drive business conversations
- Gain real-world examples of best practices to advance your TPM programs to the next stage
- Explore various ways technology automates workflows and aligns to other business processes
Kimberley Allan, CMO - Aravo Solutions
David Rusher, Chief Customer Officer - Aravo Solutions