Evaluate the existence and duration of a dedicated third-party risk management program.

Assess the firm's strategic supplier relationships and their alignment with strategic objectives.

Review decision-making processes regarding strategic partnerships and ensure transparency.

Establish mechanisms for tracking outcomes and benchmarking against expectations.

Foster a culture of openness to celebrate successes and acknowledge challenges.

Engage with internal stakeholders to understand challenges and support partnerships.

Implement rigorous governance processes to balance innovation with risk management.

Establish a robust lessons learned process to inform future decision-making.

View third-party risk management as both an enablement and prevention strategy, ensuring compliance and fostering successful partnerships.