Vendor Management Program - Risk Assessment, Effective Controls, Best Practices to Minimize 3PV Risk

This vendor management training program will offer best practices for managing and minimizing third party vendor risk through strategies that help you focus resources with a risk based approach. It will explore the five elements of a successful vendor management program, including: vendor culture, vendor risk assessment, ensuring effective controls around vendor management, monitoring vendor programs, and vendor communication.

Why Should You Attend:

Third party vendors present innumerable risk. Regulators hold management and the board of directors responsible and accountable. This webinar will discuss the need to develop a third party risk management process that aligns with ERM, the need to know your vendor, the necessity to employ a culture of integrity embedded in the organization, the need to proactively identify where you are vulnerable to risks related to your third party vendors or you can’t prevent the risk from materializing, and the importance of monitoring your changing vendor landscape with a risk based approach in order to focus your efforts effectively.

Finally, the session will also focus on why not documenting vendor feedback and sharing fraud schemes means you are losing the opportunity to prevent and detect vendor misconduct.

Areas Covered in the Webinar:

Five Elements of a Successful Vendor Management Program:

• Vendor Culture - Setting the right tone and commitment to integrity and ethical values in every step of vendor engagement.
• Vendor Risk Assessment - Importance of interjecting vendor risk assessment into your ERM and fraud risk assessment process to identify vulnerabilities created by third party vendors as it relates to these risks: strategic, operational, compliance, financial, fraud and reputational. Key with regulators.
• Ensuring Effective Controls Around Vendor Management: Such as 1) vendor due diligence programs, and 2) strong contracts to prevent problems.
• Monitoring Vendor Programs - Detecting issues early on is key to minimizing losses and reputational damage, including establishing controls to monitor red flags of vendor-related fraud schemes.
• Vendor Communication - Sharing information related to vendor feedback with internal audit, external auditors, procurement and all finance groups.
• Case Study

Who Will Benefit:

• CEO, CFO
• Chief Risk Officer
• Chief Compliance Officer
• Chief Security Officer
• Legal/Regulatory Counsel
• Compliance Professionals
• Controllers
• Accounting and Finance Professionals
• Audit and Finance Committee Members
• Chief Procurement Officer
• Purchasing Department
• Internal Audit Manager/Director
• Employees who hire and pay vendors