In this insightful episode of 3LoD Unlocked, host Ghassan Zeidan sits down with Linda Tuck Chapman, CEO of the Third Party Risk Institute and a leading voice in third party risk management (TPRM). Linda brings decades of experience to the conversation, sharing essential strategies, common pitfalls, and actionable insights to help organizations manage their third party risks effectively. The discussion covers critical components of robust TPRM frameworks, practical approaches to vendor segmentation, the nuances of fourth-party risk management, and real-world scenarios demonstrating the importance of proactive risk management.

Key Highlights & Timestamps:

• [00:35] – Introduction to Linda Tuck Chapman, her background, and the importance of third-party risk management.
• [02:05] – Defining third-party risk management and its increasing importance in the modern enterprise.
• [05:30] – Clarifying the scope of third-party relationships beyond vendors.
• [09:40] – The power of segmentation in managing third-party relationships and risks effectively.
• [17:20] – Common challenges and critical mistakes organizations make in their third-party risk management programs.
• [26:15] – Discussing the importance of clear risk reporting and practical KRIs (Key Risk Indicators).
• [32:45] – Real-world examples of impactful risk incidents, highlighting lessons learned.
• [40:05] – Deep dive into managing fourth-party risks, practical guidance, and best practices.
• [45:25] – How to evaluate and enhance your organization's TPRM capabilities.
• [48:00] – Where listeners can connect with Linda and explore further resources.

Notable Quotes:

• "Your company is actually the smallest part of the equation when considering your third-party relationships." 
• "If everything is risky, nothing matters. Proper segmentation is key to effective third-party risk management." 
• "We’re not risk police—we’re enablers of risk-informed decisions." 

Conclusion: This conversation underscores the necessity for businesses to evolve their approach to third-party risk management from reactive to proactive. Effective TPRM not only safeguards an organization but also enhances its operational resilience and competitive advantage. Linda's insights emphasize clear segmentation, actionable reporting, and the strategic alignment of TPRM practices with broader enterprise risk management efforts. Listeners are encouraged to leverage these best practices to elevate their third-party risk management capabilities.

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