"Without data, you're just another person with an opinion."
Edwards Deming, Statistician
Linda Tuck Chapman, instructor and course designer at SIG University, states that Third-Party Risk Management is a team sport. A team consists of lots of different people with lots of different opinions. These opinions might be based on the various roles and result in other goals they have. They all strive for the same overall target, a managed and their company acceptable risk, but might have a different focus. The risk analyst might be especially eager to analyze the risk deeply, and the buyer might want to focus on a fast decision to close a deal.
So, what can help turn their opinions into a decision? Or help, whoever has the right and the responsibility, help them make a decision? Of course, the answer is a high-quality database that turns opinions into facts. It is essential to ensure a high-quality database, especially in a worldwide program with different risk areas, teams, and global regulatory requirements. High quality, in that case, means (at least) that the data is accurate, that it contains all required data fields, that it has a clear structure, and that it is accessible to all relevant people while still restricting the possibility of editing the database itself (meaning strict controls).
Mona Josten, Senior Consultant, Deloitte Deutschland
The Meaning of a High-Quality Database in a Team Sport called Third Party Risk Management
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Mona Josten discusses the importance of having a high-quality third-party risk management program
"Without data, you're just another person with an opinion."
Linda Tuck Chapman, instructor and course designer at SIG University, states that Third-Party Risk Management is a team sport. A team consists of lots of different people with lots of different opinions. These opinions might be based on the various roles and result in other goals they have. They all strive for the same overall target, a managed and their company acceptable risk, but might have a different focus. The risk analyst might be especially eager to analyze the risk deeply, and the buyer might want to focus on a fast decision to close a deal.
So, what can help turn their opinions into a decision? Or help, whoever has the right and the responsibility, help them make a decision? Of course, the answer is a high-quality database that turns opinions into facts. It is essential to ensure a high-quality database, especially in a worldwide program with different risk areas, teams, and global regulatory requirements. High quality, in that case, means (at least) that the data is accurate, that it contains all required data fields, that it has a clear structure, and that it is accessible to all relevant people while still restricting the possibility of editing the database itself (meaning strict controls).