3rd Party Selection, Performance and Value
Time Required: 80 minutes
Availability: Web-based eLearning System, self-paced
CPE Eligible: 1.6 credits
What You Get: Includes Vendor Value ScoreCard
Who Should Take This Course:
This is an absolute MUST for Senior Executives, those who manage 3rd party relationships, 3rd Party Program Managers, Risk Officers, Procurement staff, Governance Analysts, Auditors
“Price is what you pay, value is what you get.”
Have you selected the right service provider for the job? Are they adding value to the relationship? Are they performing as expected and living up to contractual commitments? Are they on target to meet your strategic objectives? And what are the early warning signs that indicate trouble in paradise?
This course covers the second and fourth stages of the 3rd Party Risk Management Lifecycle: SELECTION and MONITORING & REVIEW.
Selecting the right service provider for the right job can be like throwing a dart. But should it be?
- Selection: the course begins by guiding you through a formal RFP process so you can be sure the service provider you select meets stakeholder needs and helps you achieve your strategic objectives. The course transitions into Due Diligence and discusses Best Practice for determining the adequacy of the service provider’s controls and condition prior to signing a contract so you know that all foreseeable risks have been mitigated.
- Monitoring & Review: But Due Diligence is an activity that only assures us that the service provider can support us operationally and is financially sound. Once that contract is signed, the service provider must meet its contractual commitments and perform as expected. In addition, how can you quantify the intangible and determine whether your service provider is adding value to the relationship? The section of the course focuses on:
- Key Performance Indicators
- Key Risk Indicators
- Vendor Value