Third-party risk data management (3PRDM) is an essential capability that contributes to successful attainment of Principled Performance. It is a key “play in the game” and an important building block for success, so we have developed this Principled Performance Playbook, with input and sponsorship from Refinitiv, to provide readers with some essential guidance and tools to get started in making the case for change.
Despite their best efforts, many businesses continue to struggle with the sheer volume of data they must collect and analyze. This task is further complicated by the use of disparate data sets and a many-to-many, labor-intensive matching process that frequently leads to sub-optimal results.
Analyzing what the real data needs are for each type of risk and each third-party based on risk assessment, and then evaluating the quality and reliability of data sources to meet those needs, are essential steps that must be taken to streamline data collection before implementing technology that can best manage the data on an ongoing basis. As data becomes cleaner and more linked, the capacity of third-party risk management teams is unlocked, risk management improves, and the organization is able to pivot towards high quality, forward-looking activities.
3PRDM is an essential capability that contributes to successful attainment of Principled Performance. It is a key “play in the game” and an important building block for success, so we have developed this Principled Performance Playbook, with input and sponsorship from Refinitiv, to provide readers with some essential guidance and tools to get started in making the case for change. Just like a football Playbook, this document outlines the steps to take – or plays – that will provide you with the information needed to make the internal business case for movement towards better data management.
Featured in: Third Party Management , Risk Management
