Driving an Effective Third-Party Governance & Risk Management Program Leveraging Artificial Intelligence

Engaiz Partnership

Join SIG's upcoming program for a hands-on, practical approach to Third-Party Governance, Relationship and Risk Management, in partnership with ENGAIZ.

This program provides a practical, hands-on approach for anyone looking to implement a robust vendor governance, relationship and risk management program at their organization. While the end-to-end lifecycle is extensive, participants get to choose a specific focus area and understand how a technology solution can help bring efficiency and effectiveness.

Participants will be able to work on a pilot implementation that will help enhance their understanding of concepts learned as part of the Certified Third Party Risk Management Professional (C3PRMP) program or the Certified Supplier Management Professional (CSMP) program offered through SIG University.

The programs can be done either in parallel or after completing the C3PRMP or CSMP certification program. It can also be done as a stand-alone program without C3PRMP or CSMP.

  

Who can attend and what challenges will the program help to address?

Third-party vendor governance, relationship, risk management, sourcing and procurement leaders and practitioners challenged with any of the below questions:

  • How do you let go from “Managing” to “Governing” and “Strengthening Relationships”
  • How do you shift from a focus purely on “cost” to a focus on “value” and “shared risk”
  • How do you better measure performance expectations and ensure benefits are realized? 
  • How can you drive innovation, which is promised in many agreements but poorly managed and tracked? 
  • How are you ensuring you keep an eye on all the internal and external risk events related to your third parties or fourth parties, moving away from point-in-time risk assessments to continuous risk monitoring

Time Commitment

Each pilot requires an overall time commitment of approximately 40 hours which can be flexibly spread across 4-6 weeks depending on the participant’s schedule.  

Access to ENGAIZ Platform

All participants will be provided trial subscription access to the ENGAIZ platform for three months to enable completion of the pilot. Participating organizations will have an option to switch to an annual subscription, with exclusive SIG member discounted pricing. 

Key Focus Areas for the Pilot

Below are the Key Focus Areas that the participant can choose for the pilot. All participants will be presented with an Overview of Governance and Relationship Management tools covering policies and procedures, vendor management office, cadence, issue resolution, escalation management and periodic reviews. Following this, participants will be divided into various tracks depending on the pilot focus area chosen.

A. Third Party Risk Management (TPRM)

Is your organization looking to implement a TPRM program? Don’t know where to start? This pilot will help you perform the current state assessment, identify gaps and implement a roadmap covering vendor onboarding, segmentation, criticality and inherent risk, risk and control self-assessment (RCSA), controls audit, residual risk, remediation, certification/re-certification, reporting and continuous monitoring.

B. Performance Management

Not able realize the value from your third parties? Is your organization looking to implement a Performance Management program for your third parties? This pilot will help you understand where you need to focus when implementing a robust performance management solution. It covers an overview of performance measurement and reporting, creating performance scorecards, risk-reward model, KPIs/SLAs, service level reporting, review and approval.

C. Contracts Management

Struggling with contracts all over the place, inconsistent templates, unable to track contract compliance? Is your organization looking to streamline the Contracts Management process? This pilot will cover secure in-browser-based contract authoring, review, approval and execution flow that avoids numerous back and forth emails sharing red-lined contract documents with vendors. It will also expose you to Natural Language Processing (NLP) to read, analyze and process contracts for contractual controls risk.

D. Financial Management

Struggling to understand your organization’s spend with vendors, the invoice tracking and management process, ability to cross reference the rates/pricing with respect to industry benchmarks to achieve your cost savings goals? This pilot will cover spend analysis, invoice analysis and rate/price benchmark analysis.

E. Innovation Management

Organizations can in fact create strategic win-win opportunities with third-party vendors. Does your organization have an initiative to spur innovation involving your vendors? This pilot will introduce you to the concept of enterprise crowdsourcing of ideas and will cover launching innovation challenges, submitting proactive ideas, evaluating, approving and tracking implementation to measure benefits delivered.