Best-practice Third Party Risk Management: A Model
Know Third Parties presenting material risk; monitor them continuously; intervene when risk outside of appetite
THIRD PARTY RISKS
Initial Risk Assessment
Multiple sources…
Creating single inventory of third parties tiered by risk…
Requiring on-going maintenance
Residual Risk Assessment
Driving on-going monitoring activities…
Requiring specific responses to risks or events…
THIRD PARTY RISKS
Initial Risk Assessment
Multiple sources…
Creating single inventory of third parties tiered by risk…
Requiring on-going maintenance
Residual Risk Assessment
Driving on-going monitoring activities…
Requiring specific responses to risks or events…
Metro Bank Case Study
See how 3VRM partnered with Metro Bank to design and implement a supplier risk management framework.
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