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We Need to Talk About Enablement in Risk
Assessing the maturity level of a firm's third-party risk management involves evaluating the existence of a risk management program, strategic supplier relationships, decision-making processes, and tracking outcomes, with key indicators for improvement including fostering a culture of openness, engaging stakeholders, implementing rigorous governance, prioritizing a lessons learned process, and balancing enablement with prevention.
Jun 11, 2024
Shamial Afzal
Shamial Afzal, Global Head of Strategic Supplier Oversight, Legal & General Investment Management
We Need to Talk About Enablement in Risk

  • 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.

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