I do a lot of reading about next-generation strategies, trends and tactics being employed by leading procurement organizations. Often, I find myself confronted by the notion of “best-in-class.”
Third-party risk management is worth doing well—not only to protect your institution’s reputation, resources, and customers, but also because third-party risk management is part of safety and soundness exams. The effectiveness of a third-party risk management program is seen as an indicator of overall management capabilities. The design of third-party risk programs varies across institutions.
There can be differences in: