Finance Affinity Group: Reigning In Third Party Risk

Nonprofit organizations are seeing the value of creating strategic partnerships and outsourcing functions to service providers. Each new relationship can expose organization to a wide range of risks. Developing an effective third party management program is a mainstay of cost management, operational efficiency, and monitoring risk. Attendees will have a greater understanding of third party risk and how outsourced providers can negatively impact an organization. This session will provide suggestions in implementing a third party management program.

Upon completion of this session participants will be able to:

• Recognize the types of risks that should be addressed when transitioning functions to third party providers.
• Identify opportunities to improve third party risk management programs
• Compare the intended uses of Service Organization Control reports and what to look for during the review.
• Understand how hackers are taking advantage of third party providers
• Internal Audit’s role in third party risk management

Presented by Mark Bednarz, Partner, O'Connor Davies