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Thursday
Aug202015

Third Party Risk Management Program

 Did you inherit a program, policy, procedure and you're asking yourself where to start?  (Secretly asking your-self, what the hell did I get myself into?) Are you scrambling to understand your companies eGRC platform (OpenPages, Archer, Metricstream, R-sam, etc.)? Or maybe you're just following a process that someone else put in place; you're doing it well, but have no idea why you’re doing it.

I can definitively say you are not alone. If you look at most resumes, LinkedIn profiles and talk to HR departments, people are moving from job to job on a 3 to 5 year cycle.  We're all aware the 30-years, gold watch and pension programs are long gone.  We change jobs... and maybe that's what you just did.

 And...

Now you're looking at a complex, complicated and overwhelming process. You may have a Procurement background, or you came from Legal or Contracts Management, maybe your last job was Enterprise Risk Management, or Information Security.  

So, do you know your departments Purpose, Mission and Values? What are your Initiatives? Are you being asked by Managers, Executives, and HR to create SMART Goals and establish time-lines, work toward deadlines to achieve your milestones? I’m going to assume yes.

 Let me help… Your program needs to cover Four Strategic Initiatives.  

  • Vendor Relationship Management
  • Vendor Risk Management
  • Strategic Sourcing and Due Diligence
  • Contracts Management and Administration 

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