How to build an effective third party risk management programme
In this live webinar we'll be talking about the dangers, the solutions and the broader considerations when it comes to effective third party risk management.
Few corporate leaders would consider ignoring the dangers of failing to manage third party risk. But exactly how to manage it successfully is a far trickier question. Companies increasingly reap the benefits of outsourcing non-core functions to external providers – this allows them to focus on the areas their organisation knows best as external specialists handle the rest. But while they are an operational necessity and a commercial reality, third party relationships create vulnerabilities.
The financial impact of a failure by a third party or subcontractor has at least doubled over the past five years, according to a recent Deloitte survey. Fines can easily add up to millions of dollars. Not only do organisations face initial costs of non-compliance but also investigation costs and post-fine monitoring costs. Then, of course, they must contend with any ongoing damage to a painstakingly-constructed brand – and a consequent hit to the bottom line.
So, join this Supply Management Insider webinar, produced in partnership with KY3P® by S&P Global, as we discuss the dangers, the solutions and the broader considerations you must contend with when it comes to building an effective third party risk management programme.
Join the session to learn more about:
Who exactly is responsible for third party risk?
Do you have the capacity for an in-house team?
The ongoing talent shortage in third party risk management
Is outsourcing the solution?
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Kate spent 6 years as part of the TPRM team at Goldman Sachs leading the risk management and due-diligence programme, accountable for managing the firms exposure to existing and emerging supplier related risk. She co-led the global Strategic Outsourcing function to identify, support and deliver on operating efficiency targets through the outsourcing of internal functions whilst ensuring compliance with the global outsourcing regulatory framework. Kate brings extensive experience in regulatory monitoring, policy development and TPRM framework design and implementation. Prior to joining Goldman Sachs, Kate served in the Royal Air Force for 9 years, deploying in support of operations in Afghanistan and Falkland Islands.
Mr. Blore is responsible for managing product and business development teams for KY3P, our solution designed in partnership with leading global financial institutions to increase efficiency and standardise third-party due diligence and assessment processes. Previously, he worked at Goldman Sachs where he was Global Head of Vendor Management, Global Head of Procurement and Vendor Management and Global Co-Head of Supply Chain. He had accountability for the firm's third-party risk management, shared services management as well as all aspects of procurement including strategic sourcing, procurement operations, supply chain ESG and enabling technologies.
Mr. Blore also represented Goldman Sachs as a member of the KY3P Board from 2017 to 2019. Prior to his time in the financial service industry, Mr. Blore has held a number of Supply Chain Leadership roles across fast-moving consumer goods (Coca-Cola), construction (Anglo America) and manufacturing (Rolls-Royce). He holds a BSc in Applied Physics from Nottingham Trent University and qualified with the Chartered Institute of Purchasing and Supply.
Helen is an experienced procurement professional who after 10 years in the profession found a new way of making it even more interesting – namely sustainable procurement. After working in Direct mail, manufacturing and then Infrastructure construction Helen embarked on a journey of supporting Carillion in its quest to embed the flexible framework and drive more sustainable procurement practices.
After a few years of this challenging but successful endeavour she discovered an appetite to learn more and joined Action Sustainability as a consultant. Over the last 10 years with the organisation, she has worked with a number of clients including Network Rail, TFL, Skanska, Molson Coors, Balfour Beatty, United Utilities, WRAP, MOD and many more.
She has developed and delivered numerous training course (too many to mention if you ask her), provided process support in terms of developing strategies and policies, supplier development plans, PQQ’s and ITT’s. Although her passion remains sustainable procurement, she has recently expanded her expertise and has become AS’s centre of knowledge in the fight to combat modern slavery, developing numerous tools designed to help organisations and their supply chains meet and/or exceed the requirements of the Modern Slavery Act 2015.
Oliver is the Head of Analysis at Orpheus, where he manages the team of analysts responsible for helping Orpheus’ clients understand the cyber threat landscape and how to manage cyber risks from their third parties. Oliver has worked in intelligence and cyber security for the past decade, and is a recognised cyber threat intelligence expert, providing commentary and thought leadership on the discipline.