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Third Party Management Insights

Building Resilient, Cross-Disciplinary Third Party Risk Management: A Primer

Andrea Bonime-Blanc, CEO, GEC Risk Advisory By Andrea Bonime-Blanc, CEO, GEC Risk Advisory

This white paper is based partly on the remarks and take-aways of five cross-disciplinary professionals (procurement, sourcing, legal, compliance and risk executives and experts) during the Hiperos sponsored webinar “Building A Resilient Cross-Disciplinary Approach to Third Party Risk Management: A Primer” held live on June 11, 2015.  CLICK HERE to listen to the replay



Introduction:

RESILIENT, CROSS-DISCIPLINARY THIRD PARTY RISK MANAGEMENT: A PROPOSED TYPOLOGY

It is safe to say that all of the participants in the Webinar agreed on one thing: a cross-disciplinary approach to third party risk management is necessary in the highly complex, multi-dimensional world we live in where multiple laws, regulations and stakeholder demands require a structured and intelligent approach to third party risk management. One need only look at the headlines and realize that almost every scandal has a third party dimension. In the age of social media, even the smallest or most localized third party can impact an organization on a global scale. The days of not really knowing who your third parties are and assuming that they can’t hurt you and your reputation are so yesterday.

WHAT IS “EFFECTIVE, RESILIENT, CROSS-DISCIPLINARY THIRD PARTY RISK MANAGEMENT”? A PROPOSED DEFINITION


We would like to offer the following definition: Effective, resilient, cross-disciplinary third party risk management is:

  • a multi-functional approach to third party life-cycle management that acknowledges both its complexity and multiple potential impacts

  • nimble and responsive to issues, concerns and crises

  • utilized by a suitable technological solution


CLICK HERE to download the full whitepaper


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