Breakout 11 - The Pros and Cons of Adopting a Shared Utility Model for Third Party Risk Assessments and Ratings

Wednesday, May 5, 2021 - 13:40

Enterprises increasingly depend on third-party vendors resulting in increased risk exposures. Both enterprises and their vendors spend great time, effort & cost in governance and risk assessments resulting in delayed vendor on-boarding leading to business impact, increased spend, inefficient and ineffective risk assessments and vendor fatigue. If you are involved in procurement, third-party governance, relationship and risk management, you will benefit this session. You will learn about the need to adopt a shared utility subscription model for risk assessments and how it will drastically cut vendor onboarding time and improve efficiency and effectiveness.

You will learn:

  • The challenges and opportunities in adopting a shared utility model for third party risk assessments
  • ENGAIZ's Open Third Party Risk Exchange Framework (OPEN3PRX)


Jai Chinnakonda

Founder & CEO

Jai Chinnakonda is the Founder and CEO of ENGAIZ, a technology company focused on leveraging Artificial Intelligence to help enterprises mitigate Third-Party Risks such as Cybersecurity, Data Privacy, Regulatory, Financial, Performance, Resiliency, Infrastructure, Legal, Country risks through Effective Governance and Engagement. 

Through his decades of experience in managing large technology outsourcing deals, Jai brings a unique perspective and advises organizations on third party governance and risk management. He firmly believes in the Art and Science of Engagement to help build lasting and mutually beneficial relationships with third-party vendors. 

He is a Certified Third-Party Risk Management Professional (C3PRMP) and a Certified Supplier Management Professional (CSMP). Jai is a member of the Harvard Business Review Advisory Council, an opt-in research community of business professionals. He was also a contributing member to the first draft of The Standard for Program Management released by the Project Management Institute (PMI). 

Keith Bowie

Chief Technology Officer

Keith is an information technology leader with extensive experience in financial services and commodity trading.  

Keith was the first US CIO for Scotiabank, building a high functioning technology organization from the ground up, and introducing an IT Risk culture and Cybersecurity framework, to meet state and federal regulatory legislation. Over the past 20+ years, Keith has had a variety of global technology leadership roles for leading financial services institutions.

Keith is a research scholar within the Digital Financial Services Observatory at Columbia University, where he’s developing a process-based Cybersecurity Risk Management Framework for Digital Financial Services in the developing world. Keith is member of the Board of Directors for the New York Metropolitan Chapter of ISACA, and is co-chair of the Education committee. 

Keith has a BSC (Hons) degree from the University of Strathclyde, and lives in Connecticut. He is married with three children spread across, UK, USA and Canada, and is an avid sports participant and fan. 

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