Integrating Third Party Data Into Your Risk Management Processes (TPRM)
Summary
These sources could provide alternative perspectives, through the lens of different disciplines, unique detail data on third party performance, and discreet validations or challenges to self-assessment findings arising from internal risk assessments. These processes may incorporate reviews of external audits by banks, regulators, government agencies, as well as services that monitor and evaluate the financial health of firms, such as Dunn & Bradstreet. These may not be obvious at first glance but the result of chained events, where, for example, a delay in patching servers in a distribution operation leads to service outages and missed performance metrics for product delivery. Their value, compared to some expectation of performance, may allow them to serve the dual role as KPI, where a weak showing indicates a potential risk or vulnerability resulting from the process failing to meet a required standard. An experienced change agent with primary experience in financial, technology, and retail industries, he’s led efforts to achieve ISO2700x certification and HIPAA compliance, as well as held credentials of CRISC, CISM, CISA.
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