Breakout 26: Re-Evaluating Third Party Risk Amidst a Pandemic

Thursday, October 15, 2020 - 13:30

For most firms when the pandemic hit it changed the way they thought about Third Parties that were critical to their business operations and overall business continuity. This was no different in the Financial sector. The traditional approach went out the window. Now we had to assess our Third Party's ability to deliver services successfully if their workforce was impacted by the pandemic. Listen to how the shift in mindset, changed our evaluation and dialogue with our service providers in the early days of the pandemic. And how it changed the way we think about risk and our monitoring protocol forever.

You will learn:

  • What to consider when conducting interviews with your Third Parties about the workforce
  • What enhanced ongoing monitoring looks like during the pandemic when your contracted services are dependent on people
  • How to measure business criticality in a meaningful way and implement your monitoring program using a critically metric

Lifecycle Phase: Steady State

Michele Wesseling

Associate Vice President
TD Securities

After an extensive career in the retail sector purchasing soft and hard goods from manufacturers and wholesalers, managing logistics, and contracting technology providers, Michele switched to the financial industry seven years ago. Upon joining, she found herself managing a very different type of supplier in a very different environment. She learned quickly that regulators are demanding, and third parties introduce a very different type of risk, however the art of procurement didn't change one bit. The commodities and services purchased change dramatically every year, and most of the people she encountered didn't understand procurement practices, offering her an interesting and fun challenge! 

Michele leads the TD Securities' Global Third Party Management Office with a mandate to manage TD Securities' third party risk and spend proactively, centralize third party management, and implement an operating model aligned with rapidly changing regulatory requirements. Previously, Michelle held a series of progressively senior roles across TD, including leading TD's Global Compliance Training Program, developing a new mandatory compliance training program for over 80,000 employees globally, and managing TD's Learning and Development Vendor Management portfolio. 

Session ID: 
BOS_26_2020F