This whitepaper provides a comprehensive guide to Third-Party Risk Management (TPRM), addressing its necessity, key components, desired outcomes, the impact of failure, and actionable steps for implementation.
By understanding the significance of TPRM, aligning strategies with corporate objectives, and implementing robust governance and risk management frameworks, organisations can mitigate risks associated with third-party relationships and ensure long-term success in today’s dynamic business landscape.
In this Whitepaper you’ll:
- Understanding the Need for TPRM: Explores the contextual factors necessitating TPRM in modern enterprises.
- Crafting a Holistic Strategy: Guides in aligning TPRM with corporate objectives and effective communication.
- Building Organisational Structures & Capabilities: Details the structure, mission, responsibilities, and capabilities required for a robust TPRM function.
- Establishing Effective Governance: Discusses decision-making bodies, policies, procedures, and governance structures.
- Risk Management Framework: Provides insights into risk indicators, controls, and SWOT analysis.
- Supplier Information Management: Covers frameworks, performance metrics, and management practices.
- Business Applications & Infrastructure: Explores business and technical architectures, platform considerations, and data enrichment strategies.
- Financial and Fiscal Aspects: Guides in sizing and calculating the costs of TPRM functions.
- Supplier Processes: Outlines core TPRM processes and their importance.
- Transformation Planning: Offers transformative phases, options, and maturity tracking for TPRM implementation.
- Regulatory Implications: Explores the impact of regulatory non-compliance on EU and UK financial services companies.
About the Author
Nick Francis, Chief Technology and Marketing Officer at Brooklyn Solutions
Nick Francis is a well-established and experienced CxO delivering Digital & Security-focused Transformation through the design, build, and deployment of cost-effective, highly automated industry-leading solutions. Nick has experience working across the private and public sectors in industries such as Financial Services, Insurance, Legal, Utilities, Retail, Public Sector and Government. Specialised in transformation activity to optimise processes, operational expenditure, and increase productivity. Significant experience in compliance, risk & control activities in highly regulated industries, standardisation of technologies, streamlining of internal processes and continuous improvement driving consistency and efficiency across an organisation whilst holding Customer, Colleague and Partner experience at a premium.