Third-Party Risk Management and How It Can Add Value and Drive Success Within Your Organization
Contributors: Neal W. Beggan, CISA, CRISC, CRMA, CMMC-PA | Principal, Risk & Accounting Advisory Services, Risk Advisory Practice Leader
Mike Dempsey, Senior Manager | Financial Services Advisory Leader, Risk & Accounting Advisory Services
On this episode of the Risk & Accounting Advisory podcast, we are tackling the topic of Third-Party Risk Management (“TPRM”) in our Risk-In-Review series. This series provides informative content in a five-question format. Future episodes will include topics like Sarbanes-Oxley compliance, ESG, IT, Enterprise Risk Management, Financial Services Consulting and much more.
We begin our discussion by defining TPRM as it pertains to an overall enterprise risk management framework. Then, we delve into the increased regulatory focus on TPRM due to external pressures like COVID-19, remote work environments, etc.
We also look the benefits and challenges of implementing or transforming a business’ TPRM framework. There are a myriad of considerations and barriers to understand, which all starts with clear roles and responsibilities, as well as engaging all levels of an organization, including Executive management and your Board. Each organization is unique and requires an integrated approach across all operational areas of the business.
Finally, we examine the impending TPRM guidelines set forth by Office of the Comptroller of the Currency and the recent bulletin released by the Consumer Financial Protection Bureau.
Cherry Bekaert’s Risk Advisory practice is focused on helping our clients protect value, power performance, and build resilience with mature internal controls. We do this by leveraging technology to mitigate financial, operational, and compliance risks using purpose-built risk management solutions that cost effectively diagnose, mitigate, and monitor risk.
If you would like to learn more about Third-Party Risk Management and how your business can implement a sustainable TPRM program to deliver on short and long-term goals aligning with regulatory expectations, reach out today.