Third-Party Risk Management and How It Can Add Value and Drive Success Within Your Organization

Episode notes

On this episode of the Risk & Accounting Advisory podcast, we are tackling the topic of Third-Party Risk Management (“TPRM”) in our Risk-In-Review series. This series provides informative content in a five-question format. Future episodes will include topics like Sarbanes-Oxley compliance , ESG, IT, Enterprise Risk Management , Financial Services Consulting and much more. We begin our discussion by defining TPRM as it pertains to an overall enterprise risk management framework. Then, we delve into the increased regulatory focus on TPRM due to external pressures like COVID-19, remote work environments, etc. We also look the benefits and challenges of implementing or transforming a business’ TPRM framework. There are a myriad of considerations and barriers to understand, which all starts with clear roles and responsibilities, as well as engaging all levels of an organization, including Executive management and your Board. Each organization is unique and requires an integrated approach across all operational areas of the business.