Best-practice Third Party Risk Management: A Model
Know Third Parties presenting material risk; monitor them continuously; intervene when risk outside of appetite
![](https://3vrm.com/wp-content/uploads/2020/03/top-left-arrow-e1583332578497.png)
THIRD PARTY RISKS
![](https://3vrm.com/wp-content/uploads/2020/03/top-right-arrow-e1583332599537.png)
![](https://3vrm.com/wp-content/uploads/2020/03/01_Identify_words-390x486.png)
Initial Risk Assessment
Multiple sources…
Creating single inventory of third parties tiered by risk…
Requiring on-going maintenance
![](https://3vrm.com/wp-content/uploads/2020/03/02_Assess_and_Monitor_words.png)
Residual Risk Assessment
Driving on-going monitoring activities…
Requiring specific responses to risks or events…
![](https://3vrm.com/wp-content/uploads/2020/03/03_Remediate_words.png)
![identify-list 01 Identify - list of 3rd parties](https://3vrm.com/wp-content/uploads/2020/05/identify-list.png)
![](https://3vrm.com/wp-content/uploads/2020/03/02-Assess-and-Monitor-cycle.png)
![remediate-list 03 Remediate Risk actions list](https://3vrm.com/wp-content/uploads/2020/05/remediate-list.png)
THIRD PARTY RISKS
![](https://3vrm.com/wp-content/uploads/2020/03/01_Identify_words-390x486.png)
![identify-list 01 Identify - list of 3rd parties](https://3vrm.com/wp-content/uploads/2020/05/identify-list.png)
Initial Risk Assessment
Multiple sources…
Creating single inventory of third parties tiered by risk…
Requiring on-going maintenance
![](https://3vrm.com/wp-content/uploads/2020/03/02_Assess_and_Monitor_words.png)
![](https://3vrm.com/wp-content/uploads/2020/03/02-Assess-and-Monitor-cycle.png)
Residual Risk Assessment
Driving on-going monitoring activities…
Requiring specific responses to risks or events…
![](https://3vrm.com/wp-content/uploads/2020/03/03_Remediate_words.png)
![remediate-list 03 Remediate Risk actions list](https://3vrm.com/wp-content/uploads/2020/05/remediate-list.png)
Metro Bank Case Study
See how 3VRM partnered with Metro Bank to design and implement a supplier risk management framework.
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