We Need to Talk About Enablement in Risk

Article

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, Global Head of Strategic Supplier Oversight, Legal & General - Asset Management

We Need to Talk About Enablement in Risk

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

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.