Aravo’s eBook Meeting the Expectations of the Board: Accelerating vendor and third party program maturity to enhance governance and oversight is a useful tool for boards AND for third party risk professionals seeking to educate their boards about why TPRM is so important for the organization, and why investment is important.
It provides a very useful benchmarking maturity model, and covers:
- Why are boards prioritizing third party risk management?
- Why is third party risk such a unique challenge for boards and their organizations?
- What does a good governance framework look like?
- What are Third Party Governance best practices?
- Comprehensive governance structure
- Clearly defined roles and responsibilities
- Regular third party review meetings
- Cohesion across three lines of defense
- Third party risk appetite and thresholds well defined and understood
- Segmentation reviewed annually
- Issue escalation rarely needed
- Issues resolved quickly/effectively
- Integrated enterprise TPRM IT solutions in place
- Third party relationship review maximized
- Industry best practices embraced
- Utilities and standardization
- Enterprise view of risk, performance and compliance
- What can the board do to help embed third party risk governance?