Intro to Third-Party Risk Management
This meeting was sponsored by the MIS department on January 28, 2021, via zoom. Nelson Knight, the guest speaker, started by defined what a third party is. The biggest risk associated with having a third party in breach of data and security information. Knight also highlighted the third party sourcing life cycle: planning, due diligence, contracting, onboard, monitoring, and termination. Another concept that stood out was the risk of 4th party risk. Nelson described the 4th party risk as a party that is considered a third party to the main entity. This imposed the risk if the entity’s information was to be shared with the external party. Knight made it clear that there will always be risks involved when dealing with any third party. This activity correlates with my course work is through AI. Nelson stated AI was beneficial to filter out the best third parties for a business, providing workers opportunities to spend more time on other projects.