Third Party Risk – A Unique Kind of Operational Risk

In financial services firms, third party risk is increasingly being seen as an extension of operational risk, and consequently falling under the ownership of this function. However, it is also important to recognize that third party risk has its own distinctions and requirements as to how it is managed.

Our white paper explores:

• Five key differences between third party risk and traditional operational risk
• How unprecedented regulatory and legislative focus affects TPRM programs
• How and when to engage with internal and external stakeholders
• Where people, processes, and technology can align, and where unique requirements should be accounted for
• Best practice approaches to essential, intermediate, and advanced reporting requirements