How To Take a Risk-Based Approach to Third-Party Risk & Contract Management

Description:

In this session, Bryan Phillips from Federal Home Loan Bank of Indianapolis speaks about taking a Risk-Based Approach to Third Party Risk and Contract Management. As we always say here at LogicManager, you can outsource the service, but you can’t outsource the risk. In their purest essence, contracts are a way to help mitigate that vendor or third-party risk. It’s one thing to manage contracts in an organized way and stay on top of their expiration dates and clauses.  But taking the process a step further and approaching contracts from a risk-based perspective enables organizations to ensure that their contracts have the necessary clauses in place to protect your organization based on the specific risks that a particular provider poses. 

In his presentation, Bryan discusses the third-party life cycle and how you can conduct a risk assessment on vendors to determine their risk tier. Next, he discusses conducting due diligence and leveraging a contract clause checklist to automatically determine what clauses are applicable.