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  • 1.  knowledge sharing session

    Posted 07-24-2023 05:03 AM

    Hi all,

    I have to present a knowledge sharing session with all my stakeholders & managers to rollout the TPRM process.

    My thoughts are this way –

    1. Who is 3rd Party?
    2. No of vendors currently on boarded.
    3. what is the major risk we may face bcoz of the third party
    4. How are we mitigating it?
    5. Who are the stakeholders & their contribution to mitigate the risk.
    6. What is the approach – We talk about our simple process flow / Assessment

    Did I miss something ?Do anyone has a similar deck with pictography. Please share.



  • 2.  RE: knowledge sharing session

    Posted 07-24-2023 05:15 AM

    Hi, If applicable to your firm I would add in something on Regulatory requirements; help to reinforce the importance TPRM in the eye of the regulators (especially a FS firms). 

     




  • 3.  RE: knowledge sharing session

    Posted 07-24-2023 10:15 AM

    Some added thoughts.

    1. Who is 3rd Party?... and do they have any 3rd parties?
    2. No of vendors currently on boarded........ what is the breakout of your critical and non-critical vendors?  
    3. what is the major risk we may face bcoz of the third party.....
    4. How are we mitigating it?.....
    5. Who are the stakeholders & their contribution to mitigate the risk.....stakeholders are key to how you rank for risk and how the vendor will be supported.
    6. What is the approach – We talk about our simple process flow / Assessment.... Use Venminder team for added support.  

    I used to struggle keeping up with all 200 vendors but once I added Venminder and all our vendor data to their enterprise platform it became much better to manage all. Lots of automation and extra support really made it simpler to manage my 200 vendors (felt like I had much more control and could be more proactive).    After comparing the cost of a Venminder upgrade to their Enterprise platform vs hiring another head, it was much less to continue with Venminder than having to hire another person with benefits and such.

     

    Good Luck1

     

     

    Greg Schilder

    Vendor Manager

    ONE AMERICAN BANK 


     

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  • 4.  RE: knowledge sharing session

    Posted 07-25-2023 05:57 AM

    I would also show:

    which vendors have been deemed Critical to  your organization, and how long the relationship has been in place

    Critical Vendor performance against metrics for the last 6 months. 

    The spend with the vendor for 2022 and ytd.

    Vendors who have risks accepted for due diligence or other standards- Financial stability, insurance deficiency, lack of a SOC report etc. 

    The date of their last due diligence review and/or the date of their next due diligence review.

    Good Luck 



    ------------------------------
    Jenn Wilkinson
    Vice President
    Strategic Vendor Management
    Cenlar FSB
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