Welcome to a special 5-part podcast series sponsored by Diligent. Over this series, I will visit with Michael Parker, the Director of Consulting and Advisory Services; Stephanie Font, Director, Operations Optimization Group; Kairi Isse, Group Manager of Managed Services Group, Productions; Adam Bailey, Senior Vice President, Product Management and Alexander Cotoia, Regulatory Compliance Manager from the Volkov Law Group. In this Part 3, I visited 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 an AI-based ongoing monitoring search tool with customizable features and 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 during the implementation stage after a 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 are audits for the third-party profiles, and there are audits for each case.”
Resources
Kairi Isse on LinkedIn
Check out Diligent’s 3rd party products and services here.
