Managing Third-Party Risks

Presented by

Ed Williams, CIA, CRMA - Sr. Manager, Risk Advisory Services and Timothy Lietz, CIA, CRMA – Director, Risk Advisory Services

About this talk

Third-Party Relationships … What are they? Who are they? What are the Risks? What should Internal Audit be doing? While beneficial, and often necessary, third-party relationships also expose organizations to a wide spectrum of risks including reputational risk, financial risk, operational risk, privacy risk, compliance risk and regulatory risk. To effectively monitor and manage these risks, organizations should be have appropriate Third-Party Risk Management Programs in place. Internal Audit is uniquely positioned to help organizations monitor the design and effectiveness of Third-Party Risk Management Programs. Webinar learning objectives: •Understand Third-Party relationships - what are they; who are they; what are the risks? •Learn the key elements and best practices of effective Third-Party Risk Management programs •Discuss the role of internal audit in monitoring risks associated with Third-Party Relationships •Examine the key components of an effective Third-Party Risk Assessment process •Understand current regulatory trends related to Third-Party Relationships and review recent regulatory actions •Recognize the impacts and lessons learned from the global pandemic on Third-Party relationships

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