Third Party Risk and Reward: Managing the Risk of Third Party Service Providers

The Conference Board of Canada, March 7, 2017
Recorded Webinar
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A leading business trend is to leverage third parties to perform activities on behalf of an organization. This allows organizations to increase efficiencies, cut costs, reduce risks, and improve quality across various operational areas. The downside is that you could be exposed to increased fiscal, regulatory, operational, or reputational risk if safeguards and controls at third parties are inadequate and appropriate oversight is not in place.

Third Party Risk Management is the function responsible for identifying, managing and monitoring risks associated with using third party vendors and providing competent oversight of these relationships. This enables you to identify and engage third party service providers who can meet your needs based on requirements set forth in your contracts.

This one-hour webinar will enable participants at all levels to gain a deeper understanding of managing the risks of third parties and the proactive measures that must be taken in today's changing environment, with a focus on data protection, cybersecurity & privacy, improved quality, effectiveness and efficiency in managing third parties. Current leading techniques and approaches will be shared that help turn risks that third parties present into opportunities.

Webinar Highlights

Participants will walk away with:

  • Insights into current approaches to mitigate cyber security and privacy risks associated with third parties .
  • The ability to assess current strategies associated with sourcing third parties and how to optimize this continually evolving process.
  • An understanding that some contracts can lead to value leakage, but with the right methodologies and audits, you can perform contract reviews to uncover non-compliance issues that will help you recover cash.
  • Insights into designing a program specifically to improve your overall contract management processes, while enhancing your internal assurance functions.
  • A process for developing an approach to identify and inventory all your current third party vendors and associated stakeholders.

About Peter

Peter HargitaiPeter Hargitai is a Risk Assurance Services partner in the Toronto office of PwC. He has more than 19 years of experience helping clients define and implement cost effective risk management processes for information and operational systems. Peter specializes in risk management, the implementation of control frameworks, and the design and assessment of business process and information technology (IT) controls. Key areas of focus include risk and control identification, and ongoing attestation frameworks. Peter holds a CPA and CA IT specialist designation. He currently sits on the board of the Canadian Institute of Chartered Accountants IT Alliance.

About Ken

Photo of Ken StonehamKen Stoneham leads PwC’s practice in the area of Third Party Risk Management in Financial Services, the area in which Canadian firms find the greatest degree of oversight and regulation. Ken is a graduate of Laurier University, is a CPA, and holds several designations, such as CGEIT and CISA.

About David

Photo of David CraigDavid Craig is the leader of PwC’s Risk Assurance Services Cybersecurity & Privacy practice. In this role, he helps clients understand and appropriately reduce the risks of operating in today’s hyper-connected business environment. David works with board members and audit committees to help them assess their information assets, develop strategies and tactics to appropriately protect these assets, and provide ongoing governance in areas involving cybersecurity and privacy. David has more than 30 years of international operational and consultative experience, having led projects in Canada, Europe, the United States and most recently, South America.

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