Third party risk management (3PRM) has undergone significant disruption over the last several years, driven by an exponential increase in the volume of available data. The dilemma now facing most organizations is too much data – and how to find the signal in the noise.
Despite their best efforts, many businesses continue to struggle with the sheer volume of 3PRM data they must collect and analyze, and this task is further complicated by the use of disparate data sets and a many-to-many, labor-intensive matching process that frequently leads to sub-optimal results. Analyzing what the real data needs are for each type of risk and each third party based on risk assessment, and then evaluating the quality and reliability of data sources to meet those needs, are essential steps that must be taken to streamline data collection before implementing technology that can best manage the data on an ongoing basis.
Effectively managing third party risk data is an essential capability that contributes to successful attainment of Principled Performance. It is a key “play in the game” and an important building block for success, so we have developed a Principled Performance Playbook to provide readers with some essential guidance and tools to get started in making the case for change. Just like a football Playbook, this document outlines the steps to take – or plays – that will provide you with the information needed to make the internal business case for movement towards better data management.
• Review how to use the playsheets provided in the Playbook
• Define steps for identifying, managing and refining data sources across the organization
• Determine challenges that arise in using different types of data sources and manually organizing information
• Outline key characteristics of 3PRM technologies that are essential for data management capability
• Carole Switzer, OCEG Co-Founder & President
• Kevin Bogdanov, Director, Market Development 3PRM, Refinitiv
Refinitiv is the sponsor of this webinar and of the 3PRM Data Management Playbook.
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