Tomorrow is a Different Day – Managing your Third Party Vendor Risk Post PandemicLevel: Intermediate
Organizations are embracing outsourcing as an option to thrive, or simply survive, during disruptive times. The promise of enhanced service delivery, scalable workforce, and reduced operating costs during uncertain times has fueled growth in outsourced services. However, this increased demand has created greater reliance, and vendor risk, for organizations as they trust 3rd party providers to enable their business to meet stakeholders’ demands. While the benefits of outsourcing are real; unfortunately some organizations, in the rush to achieve savings, overlook or make incorrect assumptions regarding critical risks. Initial assumptions such as “outsourcing the service equals outsourcing our risk and accountability” and “vendors with big brands and big budgets don’t make big errors” often lead to unhappy customers and failed initiatives. In some cases, organizations unknowingly accept greater risk and costs as the result of their outsourcing initiatives.
This session will focus the audience on key ingredients for a successful vendor risk management program, including risk, control and monitoring considerations throughout the vendor lifecycle.
This session will provide vendor risk management program insight and guidance relevant to C suite executives, management and front line members of your internal audit, governance and risk management teams. At the conclusion of this webinar, you will have an extensive list of considerations, risks and related best practices to help ensure your organization’s risk appetite and outsource initiatives are aligned to maximize savings and success.