Details

This webinar will explore the critical components of designing a robust Third-Party Risk Management (TPRM) framework tailored to managing risks associated with IT vendor partnerships. As organizations increasingly depend on external IT vendors for essential services, effectively managing the risks of these third-party relationships is paramount to ensuring business continuity, security, regulatory compliance, and data security.

• While all vendors are considered third parties, not all third parties are vendors. The term "third party" is a broad category that encompasses vendors, suppliers, service providers, and other external entities involved in business operations.
• Conducting Vendor Risk Assessments (VRA) and Third-Party Risk Assessments (TPRA) is critical for safeguarding organizations against potential risks that could impact operations, regulatory compliance, and reputation. These assessments help identify vulnerabilities in the supply chain and mitigate potential threats.
• Using checklists during these assessments is essential for ensuring a comprehensive, efficient, and consistent evaluation process. Checklists not only standardize the assessment criteria but also improve communication and accountability across teams, leading to more informed decisions when selecting vendors and managing risks.
• Ultimately, the client or organization, such as a bank, retains the final authority in overseeing VRA and Third-Party Risk Management (TPRM) audits. It’s important to note that checklists may vary depending on the specific regulatory requirements and sector needs of each client.

Key takeaways include:

• Understanding Third-Party Risks: Learn to identify and assess various risks—such as cybersecurity, compliance, financial stability, and operational disruption—that IT vendors may introduce.
• Building a Structured Framework: Gain insights into developing a scalable TPRM framework that aligns with organizational goals and risk tolerance, ensuring a proactive approach to vendor risk management.
• Effective Risk Mitigation: Discover practical strategies for managing risks throughout the vendor lifecycle, from initial selection to ongoing monitoring and evaluation.
• Regulatory Compliance and Reporting: Understand how to integrate compliance requirements into your TPRM framework, ensuring your organization meets industry standards and regulatory guidelines.

SPEAKER

Rohit Muslonkar

AVP – IT Risk AdvisoryRiskpro India