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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.