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When Third Party Risk is a First Tier Priority

By April 1, 2024June 24th, 2024No Comments

Risk is everywhere, all the time, and it takes many forms. Despite the fact that procurement and supply chain professionals have to work in the midst of this complex reality, risk management is not their only responsibility. Third party risk is one top priority of many, and the work is never done.

The more procurement can integrate third party risk management processes and objectives with other ongoing work, the more successful they will be. And that includes sustainability and diversity initiatives as well as overall business continuity.

In some cases, different types of risk compete with each other for procurement’s attention. How is procurement to say whether regulatory risk, supply chain disruption, data privacy concerns, or ESG-related risk is the most important?

The time has come to manage third party risk at scale.

Philip Ideson and Kelly Barner welcomed Certa CEO Jag Lamba for a live discussion about making procurement’s third party risk management work more effective.

In this live, slide-free session, they discussed:

  • Which third parties should be procurement’s first priority for risk management
  • Ensuring that ESG is reflected in any third party risk management processes and frameworks that are implemented
  • Partnering with the business – and suppliers – to achieve lower overall risk levels
  • Ways procurement can simplify third party risk management with the help of AI and automation

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