3-Minute Recap: How to Launch a Third-Party Risk Management Program

We get it. There is definitely a lot going on. You’re busy, dealing with increased pressure and additional uncertainty due in part to the completely unpredictable way that 2020 is playing out. Regardless, it’s likely that your organization continues to begin new third-party relationships, evaluate how current ones are performing and breathe new life into ones that are inactive. Maybe you have already considered that there should be a better way for your company identify, assess, and manage the risk associated with these relationships. Oftentimes, the trouble is knowing where to start.

Lucky for you, we have developed a super handy checklist to guide you through the process of launching a third-party risk management program. And to make it even easier for you, we will now boil down our fantastic checklist into the three most important takeaway points for you to consume as a tasty little appetizer.

1. Start simple and small. Is there a particular area of risk that is top of mind for your executive committee? If you’re reading this, there probably is. We recommend starting with one area (whether it’s anti-bribery and corruption, data privacy or IT security) and building from there.
2. Understand your company’s current ecosystem with respect to vendor relationships. How many do you have? Where is the data stored? Who are the internal stakeholders you need to engage? Getting a rough idea of this will help you understand who needs to be involved and how much data wrangling is needed.
3. Send questionnaires, identify risks and remediate. Sounds straightforward, right? This is often the part that’s the hardest to administer, scale and document. Understanding how technology can help alleviate this burden is an important component of any successful program.

Launching – or streamlining - a third-party risk management program can feel like a daunting task, but with the right planning and approach you can make considerable gains with focused effort. Care to read more? Download our checklist for the full step-by-step process today!