REGISTER - LIVE WEBCAST

Broadcast Date: Thursday, June 30, 2022
from 12:00 pm to 1:00 pm (ET)

CLE/CPE credit will not be awarded in this course.

Overview:

Establishing effective third-party vendors has been at the forefront of business development strategies today. With the current remote workforce setup, the importance of having efficient vendors to streamline complex business processes has been underscored, and more companies started depending on several third-party software to help with their operations. This growing reliance on vendors and other service providers, however, has opened newer risks of breaches and has intensified the call for organizations to employ a third-party management framework that is not only effective, but is also holistic.

Listen as information technology experts Sandeep Bhide (ProcessUnity) and Olga Voytenko (State Street Corporation) bring the audience to a road beyond the basics of third-party risk management (TPRM). Speakers will delve into an in-depth analysis of the current digital and regulatory developments influencing vendor trends today. They will also provide the audience with practical tips in employing a strategic third-party risk management framework.

In a LIVE Webcast, the speakers will discuss:

  • Third-Party Risk Management (TPRM) Trends
  • Breaches and Other Third-Party Related Risks
  • Essentials of an Effective TPRM Framework
  • Vendor Management Solution for Your Business
  • An Outlook of What’s Ahead

Credit:

Course Level:

Intermediate

 

Advance Preparation:

Print and review course materials

 

Method of Presentation:

On-Demand Webcast

 

Prerequisite:

General knowledge of third-party risk management

 

Course Code:

149766

 

NY Category of CLE Credit:

Law Practice Management

 

Total Credit:

1.0 CLE

Speaker Panel:

Olga Voytenko, Head of Third-Party Risk Management, MD
State Street Corporation

Olga Voytenko is a Managing Director, Global Head of Third-Party Risk Management. She is responsible for managing third-party and outsourcing risk arising from State Street’s reliance on third parties performing services or activities on State Street’s behalf. This includes risks related to ineffective third-party selection and failure to oversee and monitor our third parties. Ms. Voytenko is responsible for building, deploying and supporting the technology and processes to support business functions in mitigating Third-Party Risks.

Prior to her current role, Ms. Voytenko served as Vice President within Global Treasury leading Global Liquidity Risk Management team across State Street, as well as, prior leadership roles within Recovery Resolution Planning, Valuation & Analytics, Corporate Audit, and Institutional Services.

Sandeep Bhide, Vice President, Product Management
TPRM Technology Expert

Process Unity

Sandeep has spent over 15 years in enterprise B2B SaaS software companies with deep and broad experience in product management and software engineering. Before ProcessUnity, Sandeep led GEP’s sourcing, supplier and third-party risk management products for 2 years. Prior to that he led the third-party risk and performance management product at Coupa (Hiperos) for nine years.

Sandeep is responsible for keeping the pulse on current and emerging needs in the third-party management market and delivering high-value product capabilities and solutions that help ProcessUnity’s customers and maintain its leadership position.

Agenda:

Olga VoytenkoHead of Third-Party Risk Management, MD

State Street Corporation

Sandeep Bhide, Vice President, Product Management TPRM Technology Expert

ProcessUnity

TPRM Trends:

  • TPRM is a key risk for financial industry.  Reliance on third party providers: IT services, Cloud environment, niche expertise are necessary for the organizations who aspire to remain competitive and relevant.  The risk associated with outsourcing continuous to increase.  The breadth of risk domains is expansive: Contracting/Legal, Business Continuity, Operational Resiliency, Operational Risk, Concentration, Cyber Information Security, Physical Security, Privacy, Anti-Bribery and Corruption, Anti-Money Laundering, Compliance, Country, Financial Accounting, Reputational, Tax Evasion, Financial viability and Step-In Risks, and climate change.
  • Regulatory mandates are converging and raising the bar for financial institutions and fintech companies
  • The number of incidents of cyber-attacks continue to rise; as do geo-political and climate change concerns.
  • No abatement of third party risks especially Cyber, infosec, corruption/fraud related (threat landscape is expanding/becoming more complex and third parties are the weakest link)
  • Greater regulatory focus on third party risk (following from the pandemic recovery and continuing supply chain disruptions)
  • TPRM (by itself and as a byproduct of Cyber) is becoming a first priority for enterprises
  • Greater realization that TPRM should not be done in a silo but, connected and contextualized within org wide processes

Talking points:

  • Incorporate automation to reduce cycle time and agility
  • Effective calculation of the inherent risk of a product/service and consequent auto-scoping of due diligence roster
  • Incorporate industry-standard questionnaires into assessment processes
  • Improve vendor response rates and submission quality by reducing vendor fatigue
  • External content and ratings to assist in ongoing vendor monitoring
  • There are three foundational components: People, Process, and Technology:
    • The leader of TPRM needs to have deep expertise across all of the risk domains associated with third party and outsourcing risk.
    • The framework must be risk based and fit for purpose.  The design must be intuitive, intelligent, and agile enough to bifurcate and delineate relevant due diligence and risk assessments to the level of exposure associated with specific service type and nature of the relationship.  The process must be repeatable in a consistent manner with consistent and measurable results.
    • Solid platform with advance workflow functionality is vitally important, regardless of organizational size and complexity.  The platform has to fit the purpose and offer clear view into SLAs associated with each step of the third party lifecycle and connect multiple stakeholders involved.

Outlook:

  • TPRM programs becoming more integrated and consistent with cross functional utilization within companies
  • Companies wanting to unify their cybersecurity landscape with TPRM, enabling them to measure control effectiveness and prioritize remediation investments
  • The TPRM practice is evolving at rapid pace, organizations are expected to look beyond 3rd party reliance.  As risk practitioners we need to have a clear understanding of our 4th and Nth third parties, our concentration risk from a single supplier, limited suppliers, geographic perspective.
  • The focus is maturing from period due diligence as a point in time, to real time monitoring, and capabilities to rapid incident response.

Date & Time:

Thursday, June 30, 2022

12:00 pm to 1:00 pm (ET)

Materials:

Download Course Materials

Who Should Attend:

  • Vendor Risk Managers/Officers
  • Compliance Managers/Officers
  • Information Technology Officers
  • VPs/Directors/Managers of IT
  • Chief Risk Officers
  • Risk Management Executives
  • Chief Compliance Officers
  • Chief Information Officers
  • Chief Operating Officers
  • Risk Analysts
  • Business Analysts
  • Internal Auditors

SPONSOR

SPEAKERS

Olga VoytenkoHead of Third-Party Risk Management, MD
State Street Corporation
Sandeep BhideVice President, Product Management
TPRM Technology Expert
Process Unity

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