Welcome to a special 5-part podcast series, sponsored by Diligent. Over this series we will consider a risk-based approach toe third-party risk management. Over this series I will visit with Michael Parker is the Director of Advisory and Consulting Services, Stephanie Font, Director of the Optimizations Group; Kairi Isse, Managed Services Group Manager; Adam Bailey, Senior Vice President, Product Management and Alexander Cotoia, from the Volkov Law Group. In this Part 3, I visit with Kairi Isse, on the implementation of your third-party risk management program after the contract is executed. 

Learning about the risk posed by  third-party vendors to a company's compliance program can be an eye-opening experience. However through the use of an AI-based ongoing monitoring search tool with customizable features, auditable trails, for third-party risk management; an organization can ensure that their compliance programs are effective and reduce their risks of fines and reputational damage in the implementation stage after contract is executed. 

Key Highlights 

·      How can modern companies effectively manage third party risk and protect their reputation? 

·      What are the best ways to monitor third parties in a stable vendor ecosystem? 

·      How can AI and machine learning make third party management more efficient and effective?

Notable Quotes 

1.     "The key to this effective risk management is truly the follow up, the ongoing follow up to ensure that all the controls are in place and if needed, are changed." 

2.     "The key to effective risk management is the ongoing follow up to ensure all the controls are in place and if needed, are changed."

3.     "It's not the most data, it's the right data."

4.     "Everything is audited in there; there's audits for the third-party profiles, there are audits for each of the cases."

 Resources

Kairi Isse on LinkedIn

Check out Diligent’s 3rd party products and services here.