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…

01 Identify - list of 3rd parties
03 Remediate Risk actions list

THIRD PARTY RISKS

01 Identify - list of 3rd parties

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…

03 Remediate Risk actions list

Metro Bank Case Study

See how 3VRM partnered with Metro Bank to design and implement a supplier risk management framework.

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