Third-Party Risk Management

In an interconnected world, understanding the value chain and its key participants is essential to ensure Operational Resilience and will help to mitigate the impact to your organisation and customers from new and emerging threats.

With new agile operating models emerging and the increased speed of transacting business, controls and security elements are often overlooked exposing the organisation to undesirable risk.

New regulation is also forcing financial organisations to take a more dynamic approach to manage suppliers, bridging the gap between traditional procurement functions and third-party risk management. As part of the agenda, business critical suppliers will be monitored closely including those that have traditionally been out of scope.

At TORI, we support financial services organisations to de-risk their operations, developing and embedding operating models that will foster long term strategic and secure supplier relationships. We deliver this from a solid foundation of a strong risk management approach and establishing a robust Third-Party Risk Management programme to mitigate or contain any potential impact.

Your Challenges

Managing your supply chain is more than an administrative function, it involves connecting your business strategy, establishing valuable and secure relationships with your suppliers and mitigating the associated risks. This model represents the optimal state; however, organisations are facing the following challenges reaching that level:

  • Viewing Supplier Management only as a procurement function
  • Lack of control and / or visibility of the entire pool of suppliers
  • Costly federated or decentralised Vendor Management
  • Inadequate Supplier Lifecyle Management practices (onboarding, ongoing monitoring and offboarding) and often disconnected from the Enterprise Risk Management activities
  • Extracting full value from those relationships
  • Establishing the difference between a supplier and a strategic partner 

These challenges are not easy to achieve but having the right level of support and expertise will allow your organisation to reduce the time to reach a greater level of maturity for this function.

How can TORI help?

At TORI Global we have developed a global Supplier Operating Model & Third-Party Risk Management Framework that will allow your organisation, to de-risk operations and increase operational efficiency and business resilience.

Our approach considers not only regulatory requirements, but also best practice for managing your supply chain through the entire lifecycle. 

  • Advisory services: having the right operating model and practices to manage your supply chain is essential to reduce potential disruptions. TORI have an extensive experience and expertise on:
    • Supplier Model & Third-Party Risk Management Health checks
    • Designing and implementing a Target Operating model: connecting Procurement with TPRM
    • Benchmarking against regulatory requirements and industry best practice
  • Resource Augmentation: flexibility and scalability without comprising quality and expertise managing your suppliers, is our approach to support your business on these important tasks
    • Vendor Review: onsite/desktop
    • Managed Service & Outsourcing
    • Service Management & SLAs

Get in touch

Get in touch

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