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Third Party Risk Management 101: Mapping Your Program’s Maturity

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Watch the first webinar of Aravo’s Guide To Improving Third Party Risk series

Third party risk management (TPRM) programs are still in its infancy for many organizations. Aravo’s “Third-Party Governance & Oversight” 2019 survey results found that “50% of respondents perceive their program as ‘evolving’ with an additional 19% calling their programs ‘fragmented’ or ‘ad-hoc’.” The added pressures of data breaches and regulatory enforcement actions leading to reputational damage and significant fines in the range of millions to billions of dollars have swayed board members to take a top-down approach to ensuring an optimal third-party risk program is in place. Third party program maturity not only enhances board engagement but enables the company mindset to be future-focused and ready for change. Program owners and stakeholders also need to understand their own program maturity in order to educate the board about the importance of third-party risk oversight.

Attendees will learn how to:

  • Understand what stage of maturity your own program falls under (ad-hoc, fragmented, integrated, defined, agile)
  • Develop an understanding of your own organization’s strengths and weaknesses to drive business conversations
  • Gain real-world examples of best practices to advance your TPM programs to the next stage
  • Explore various ways technology automates workflows and aligns to other business processes

Speakers:

Kimberley Allan Leadership Aravo
Kimberley Allan
Chief Marketing Officer
Dave Rusher Leadership Aravo
Dave Rusher
Chief Customer Officer