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Strengthening third party risk management

Rethink risk during COVID-19

Rethink risk during COVID-19

Climbers

Webinar originally aired on December 10, 2020

Has your organization rapidly adopted new technologies to enable remote working and increase virtual interactions? Will your digital investments mean working with new vendors or technology partners?

Has your national or international supply chain felt the impact of the pandemic? Are you evaluating current or new suppliers or subcontractors?

For most Canadian organizations, the pandemic has demanded a more agile and risk-based approach for supply chains and third-party relationships. However, for many, third party risk management (TPRM) remains a work in progress. Our survey* found that:

  • 77% say TPRM is a strategic priority for their business given a business' reputation is directly linked to performance of its third parties
  • 74% admit that they urgently need to make TPRM more consistent across the enterprise
  • 50% do not have sufficient capabilities in-house to manage all the third-party risks they face

An effective TPRM framework is built on four pillars: governance, process, infrastructure and data. To advance your TPRM program, businesses need to drive a constant cycle of program uplift, process optimization and innovation.

Hear from KPMG risk leaders on how your organization can implement a TPRM framework that defends against the risks associated with third party relationships, in areas such as technology and cyber, operations and supply chain, regulatory and compliance, and reputation.

This webinar answers common questions including:

  • On a practical level, what are the steps we should take to improve TPRM?
  • How do I define TPRM and its benefits in simple terms?
  • Is TPRM the same as vendor due diligence? How should Risk and Procurement functions work together?
  • How much time and effort should we invest?

Panelists

Edouard Bertin-Mourot,
Partner, Enterprise Risk Management (ERM), KPMG in Canada

Yassir Bellout,
Partner, Cyber Security, KPMG in Canada

Nancy Chase,
Partner, Risk Consulting, KPMG in Canada

Shelley Hayes,
Partner, Forensic & Dispute Advisory Services, KPMG in Canada

Sheri Spinks,
Director, Global Supply Chain, Husky Injection Molding Systems

* Based on a survey of 1,100 senior TPRM executives from major businesses across 14 countries and six industries.

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