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Third Party Service Provider Risk Management
The three key aspects of Third Party Risk Management are covered:
- Defining What is a Third Party
- Design and Implementation of Third Party Risk Management
- Determining what is third party risk exactly
- Managing Third Parties
- Creating the right governance practices over Third Parties
- 7 steps to great Third Party Management
- Score Cards and Board Reporting
Overview of the webinar
Third Party Risk Management is all about managing service providers. For several years, businesses have been increasing reliance on third parties. While this reliance has many upsides, there are risks that should be recognized and managed. This session highlights those risks and provides alternatives to best manage them.
After defining terms and determining exactly what a third party is, we explore the life cycle of third parties. This exploration includes detailed conversations on the risks associated with each step in that cycle. By highlighting the risks we can better design a management process assuring adequate controls and limiting the possibility of unexpected losses.
The session then moved on to an overview of third party management and detailed conversations around each of seven aspects of a strong risk management process for third parties.
Participants will also receive examples of third party risk assessments, report cards, dashboards and board reporting so that the in house management process is complete and up to date.
For any manager concerned about third parties this session is a must attend.
Who should attend?
- Middle Management
- Team Leaders
- Quality Control
- Project Managers
- Members of the Board of Directors
Why should you attend?
Over the past 15 years, the proliferation of third parties and the use of third parties have grown significantly. There ids not one business that does not use a third party service provider for some service, be it janitorial, technology, cash control, or even human resources and compliance.
The use of third parties has become a budget enhancement and in some cases even a productivity plus. However, many management teams do not fully understand the risks associated with the use of even the most respected third parties. This session delves into those risks and highlights suggested management practices that any middle manager, risk manager and business leader should understand.
Members of the Board of Directors could also gain insights into the risk associated with third party support, which can only enhance their oversight and governance practices.
Faculty - Mr.Daniel Clark
Dan has over 30 years of experience in Financial Services from regional banks to global giants like Citigroup and GE Capital. His early career roles included: sales, credit risk management and operations. For the last 18 years he has been fully focused on Risk Management and Internal Audit. His experience as Chief Auditor in two regional banks and as a senior officer in Audit and Risk Review for Latin America provides unique insight into management practices in and outside of the United States. He is also a recognized expert on GRC, a Public Speaker and Blogger and has written a book; Dare to Be Different: An Auditor’s Personal Guide to Excellence: that has been well received by the audit community.