Third-Party Risk Management (TPRM)

1. Third-Party Risk Management (TPRM)
2. This webinar features Nelson Knight, Consulting Risk Manager at Ernst & Young (EY). Nelson explain what third party risk is, and what makes a strong foundational components for a TPRM program, and company’s Executive Leadership team should prioritize and invest in building a strong TPRM program to proactively and effectively manage risk.
3. Ernst & Young, Temple University
4. This webinar took place at 1 pm on January 28th, 2021 through Zoom.
5. I have learned various trends in TPRM such as growing market interest, heightened board level attention, operating model evolution, technology shift, BI value and sector-based consortium; different kinds of risks associated with third-party vendors such as geopolitical risk when you do business in another country, regulatory and compliance risk that your vendor or supplier fails to comply with regulations resulting in your company to be non-compliant, fourth party risk where you third parties are engaged with other parties, and business continuity and resilience risk where a setback in third parties’ operation can affect your organization. I also learned about third party sourcing cycle and TPRM components how they are vital to a functional organization.
6. This webinar gave me insights on the risk managing aspects of third parties that are associated with a business and it can be a tremendous resource afterwards when I start my own business. Also I am considering applying for MIS graduate program at Temple University too, so this provided my with some interesting information that helps me with my decisions on the two tracks that Temple offers, which are Cyber-security track and IT Auditing track.