31 Days to a More Effective Compliance Program - Day 17 | Managing your third parties

Thomas Fox
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Managing your third-parties is where the rubber meets the road in your overall third-party risk manage program. You must execute on this task. Even if you successfully navigate the first four steps in your third-party risk management program, those are in reality the easy steps. Managing the relationship is where the real work begins.

Three key See more +

Managing your third-parties is where the rubber meets the road in your overall third-party risk manage program. You must execute on this task. Even if you successfully navigate the first four steps in your third-party risk management program, those are in reality the easy steps. Managing the relationship is where the real work begins.

Three key takeaways:

1. Have a strategic approach to third-party risk management.

2. Rank third parties based upon a variety of factors including compliance and business performance, length of relationship, benchmarking metrics and KPIs for ongoing monitoring and auditing.

3. Managing the relationship is where the real work begins. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Thomas Fox
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